Markit preliminary PMI data for February
- Manufacturing PMI 50.8 versus 51.5 estimate prior month 51.9
- Services 49.4 versus 53.4 estimate. Prior month 53.4
- Composite index 49.6 versus 53.3 last month
- The composite index is a lowest since 2013
- Coronavirus hit supply chains and made firms hesitant to place orders
- New orders fall to 49.8 versus 52.5 in January. Lowest reading since the series began. Reverses the expansion trend
- Employment falls to the lowest reading since October 2019
for the services index,
- the reading of 49.4 is the lowest since October 2013
- new business falls to 49.7 versus 52.5 in January (lowest reading ever)
- employment index fell to the lowest reading since November 2019
Not a good number and one of the 1st numbers to show a sharp reaction to coronavirus in the US.
- Stocks have moved lower with the NASDAQ index now down -140 points or 1.45%. The S&P index is down -1.05%.
- US yields have also moved lower with the 10 year yield down to 1.452% or -6.25 basis points
- Gold is rising and up near $27 or 1.65% at 1646.53
- USDJPY has moved lower