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US manufacturing growth increases to 4-month peak: Markit
[NEW YORK] Growth in the US manufacturing sector jumped during February, with factories reporting their best gains since October, according to an industry report released on Monday.
Financial data firm Markit said its final US Manufacturing Purchasing Managers' Index rose to 55.1 in February from 53.9 in January to its highest since October, when the PMI was 55.9. A reading above 50 indicates growth in the sector.
"While growth of manufacturing output remained below the peaks seen last year, the survey is broadly consistent with production rising at an annualized rate approaching 4 per cent," said Chris Williamson, Markit's chief economist.
The index's output component rose to 57.3 last month from 55.7 in January.
The index measuring employment growth eased in February to its lowest since July, with the final reading coming in at 52.8, compared with 53.4 in January.
New orders also rose in February from January, Markit said.