amid mixed PMIs
In the first glimpse of February economic sentiment, Markit has just released its survey data for the US services and manufacturing following rebounds in UK, EU, and Japanese data.
www.zerohedge.com/economics/...r-record-highs-amid-mixed-pmis
Despite the slump in 'hard' economic data (and weakness in recent labor market data), PMIs have risen to multi-year highs as hope becomes a strategy, and flash February data showed little reflection of reality with Services improving modestly (58.9 vs 58.3 prior, and 58.0 exp) and Manufacturing very modestly lower (58.5 vs 59.2 prior and 58.8 exp).
That is the highest Composite PMI since March 2015 and the US, for now, appears to be leading the world.
“Despite headwinds of COVID-19, extreme weather and record supply chain delays, US businesses reported the fastest output growth for almost six years in February....“A concern is that firms costs have surged higher, driving selling prices for goods and services up at a survey record pace and hinting at a further increase in inflation.”
...As a result, firms raised their selling prices at the sharpest rate on record (since October 2009), with panellists stating the increase was due to the partial pass-through of greater costs to clients. ...
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