Surprising Analysts, PMI Composite Flash Surges

A surge in services and continued strength in manufacturing pushed the PMI composite to a 27-month high at 55.9 in the February flash, surprising analysts and surpassing the Econoday consensus range by a wide margin. Services rebounded from recent softness where the index rose 2.6 points to 55.9, beating expectations of 53.5 and posting a 6-month high. Manufacturing, considered a leading indicator for the economy in general, rose 0.4 points to 55.9, a 40-month high.

Recent History Of This Indicator:
Services were behind January's slowing in the PMI composite but even here production was still solid. The consensus for February's composite is 54.0 vs 53.8 in January with February services seen at 53.5 and manufacturing at 55.0.