FX.co ★ US Composite PMI Falls to 10-Month Low

The S&P Global US Composite PMI fell to 51.9 in February from 53.0 in January, marking a ten-month low and undershooting the preliminary estimate of 52.3. Growth was held back by a broad-based slowdown in output across both manufacturing and services. New business growth also moderated midway through the first quarter. Firms increased staffing levels, but only marginally, as confidence in the outlook remained below its long-run average. On the price front, both input costs and selling prices continued to rise at rates little changed from the previous month and remained well above their historical series averages.