S&P Global US composite and services PMIs upwardly revised

The S&P Global composite purchasing managers index was revised higher to 52.5 in February, up from preliminary estimates for a reading of 51.4 and ahead of the 52 recorded in January.

February saw a general decrease in cost pressures, with input prices easing at the slowest rate since October 2020. However, firms still chose to pass on higher costs to customers, leading to a month-on-month uptick in selling price inflation.

Elsewhere, the services PMI was revised higher to 52.3 in February, up from a preliminary of 51.3 and just below the 52.5 reading seen in January. The print pointed to a solid performance by the services sector last month, with output rising for a thirteenth successive month.