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US PMIs Follow Europe Hotter, But With Weather Caveat

US DATA
  • As with the European numbers this morning, US Services PMI well above expectations (50.5 vs 47.3 expected) in the February preliminary reports. Manufacturing also up more than expected at 47.8 (vs 47.2 prior) with the composite above 50 for the first time since June 2022.
  • The press release caveats the increase as weather-related: “The upturn is being driven by the services sector, which in part reflects unseasonably warm weather.”
  • Price pressures also of note, especially being wage driven in light of the extremely tight labor market.

  • From the press release (more here):
  • "The rate of service sector input cost inflation remained historically elevated in February, despite easing to the second-weakest since October 2020. Anecdotal evidence stated that wage pressures were the main driver behind higher cost burdens."
  • "Firms continued to seek to pass on greater input costs to customers through hikes in output charges. The rise in selling prices was the quickest for four months and strong overall."
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