Momentum in both the manufacturing and service sectors slowed in February. The Markit flash U.S. manufacturing purchasing managers index fell to a seasonally adjusted 54.3 down from 55 in January. Services slipped to 53.9 from a 14-month high of 55.6 and both indices slipped to two-month lows. Readings above 50 indicate improving conditions. “The drop in the flash PMI numbers for February suggest that the post-election upturn has lost some momentum,” said Chris Williamson, chief business economist at IHS Markit. He said that there was a sharp pull-back in business optimism in the outlook over the next 12 months, which suggests companies have become more cautious. But theh readings are in line with the economy growing at a 2.5% annua rate in the first quarter.
Americans are missing more payments on bank cards as the stronger economy heats up consumer sentiment and spending. The bank card default rate jumped 0.26% to 3.21% in January, according to data from S&P Dow Jones/Experian. That was the highest level since July 2013.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
