ISM's US PMI tops expectations in February

The Institute for Supply Management's non-manufacturing PMI came to 55.1 in February, broadly flat month-on-month but ahead of expectations for a reading of 54.5.

Faster increases were seen for new orders, new export orders, and employment.

"Business survey committee respondents indicated that they are mostly positive about business conditions. Suppliers continue to improve their capacity and logistics, as evidenced by faster deliveries. The employment picture has improved for some industries, despite the tight labor market. Several industries reported continued downsizing", said the ISM's Anthony Nieves.

Elsewhere, S&P Global's manufacturing PMI was revised lower in February to 47.3, down from a preliminary reading of 47.8 and short of the previous month's print of 46.9.

Reporting by Iain Gilbert at Sharecast.com