Final manufacturing data from Markit
- Prelim was 50.8
- January final reading was 51.9
- December final reading was 52.4
- New orders 50.4 vs 50.4 prelim, final Jan was 52.4
- Output 50.7 vs 50.6 prelim
- Full release
Chris Williamson, Chief Business Economist at IHS Markit said:
"Manufacturing production and order book trends deteriorated markedly in February as producers struggled against the double headwinds of falling export sales and supply chain delays, both in turn often linked to the coronavirus outbreak.
"Any growth in sales was once again largely driven by domestic consumers, though even here the rate of growth was weakened considerably compared to late last year.
"Historical comparisons against official data indicate that the survey is consistent with factory production and orders both falling at annualised rates of around 3%, with manufacturing jobs being lost at a monthly rate of roughly 20,000.
"While trade war fears have eased, helping push firms' expectations for future growth to the highest since last April, coronavirus-related supply chain issues threaten to constrain production in coming months. At the same time, companies have become increasingly concerned that the COVID-19 outbreak will also hit demand, which is reportedly already cooling amid uncertainly leading up to the presidential election. Recent stock market volatility could also further dampen consumer spending and deter business investment."
The ISM manufacturing index is due at the top of the hour.
