Markit's flash US manufacturing PMI drops more than expected

Markit’s flash US manufacturing PMI fell to 51.0 in February from 52.4 the previous month, missing economists’ expectations for a reading of 52.0.

The data signalled the weakest performance for over three years and matched the lowest reading since September 2009.

Markit’s chief economist, Chris Williamson, said: “US factories are reporting the worst business conditions for over three years. Every indicator from the flash PMI survey, from output, order books and exports to employment, inventories and prices, is flashing a warning light about the health of the manufacturing economy.”

Williamson added that output and order books are growing at one of their slowest rates since late-2012, with exports falling amid weakened global demand and the strong dollar.