Factory activity growth hits nearly four-year high in February: Markit

NEW YORK Thu Feb 20, 2014 8:59am EST

A view of employees working at the General Motors assembly plant in Wentzville, Missouri February 7, 2012. REUTERS/Sarah Conard

A view of employees working at the General Motors assembly plant in Wentzville, Missouri February 7, 2012.

Credit: Reuters/Sarah Conard

NEW YORK (Reuters) - U.S. manufacturing activity accelerated in February at its fastest pace in nearly four years due in part to growth in new orders, an industry report showed on Thursday.

Financial data firm Markit said its "flash" or preliminary U.S. Manufacturing Purchasing Managers Index rose to 56.7 in February, its highest since May 2010, compared to 53.7 in the final reading for January. Readings above 50 indicate expansion.

The new orders component jumped to 58.8, the highest since May 2010, while output rose to 57.2 from 53.5 in January.

"The flash manufacturing PMI provides the first indications that production has rebounded from the weather-related slowdown seen in January," Chris Williamson, Chief Economist at Markit said in a statement.

"Further growth looks likely in coming months, suggesting the underlying health of the economy remains robust."

Markit's flash reading is based on replies from about 85 percent of the U.S. manufacturers surveyed.

(Reporting by Rodrigo Campos; Editing by Meredith Mazzilli)

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Comments (3)
bertanderson wrote:
Markit, is privately funded and does represent an unbiased view of the economy. Be careful with this data.

Feb 20, 2014 9:12am EST  --  Report as abuse
breezinthru wrote:
I hate to be the one always looking on the dark side of things, but if the EU and China are decelerating, it won’t be long before our increased production creates surplus inventory.

Feb 20, 2014 9:18am EST  --  Report as abuse
Warren.Gates wrote:
One more reason to increase the intrest rates.

UK is already talking about rising interest rates in the near future. it’s on SKY news.

Feb 20, 2014 9:21am EST  --  Report as abuse
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