US Composite PMI at 58.5 in February... Service Sector Expansion Strengthens

[Asia Economy New York=Correspondent Baek Jong-min] The US Purchasing Managers' Index (PMI) for February continued its upward trend, showing strength mainly in the service sector.

According to research firm IHS Markit’s announcement on the 19th (local time), the US composite PMI for February was 58.8. The composite PMI rose again following January’s 57.7. A PMI above 50 indicates economic expansion, while below 50 indicates contraction.

By sector, the strength of the service industry, which accounts for two-thirds of the US economy, was prominent. The service sector PMI rose from 58.3 in the previous month to 58.9, marking the highest level in 71 months. The service PMI also exceeded the market expectation of 57.6.

The manufacturing PMI was 58.5, lower than January’s record high of 59.2, but still maintained an upward trend.

Analysis indicates that the February PMI shows the US economy is in its largest expansion phase in the past six years.

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