US S&P Global Composite PMI Flash (Feb) 52.3 (Prev. 53.0, Rev. From 53)

• “The PMI data so far this year are indicative of GDP rising at an annualized rate of just 1.5%"

• Sluggish sales growth and concerns over rising costs led to  a further month of very modest employment growth, albeit  with some companies also reporting difficulties finding staff.
• Payrolls rose only marginally for a third successive month and at the weakest rate since last April. Hiring slowed to marginal rates in both manufacturing and services.

• Average prices charged for goods and services increased  in February at the steepest rate since last August, rising  at an elevated rate well above the survey’s long-run  average.

• Companies’ expectations for output in the year ahead  improved markedly in February, rising to a 13-month high. Greater optimism was seen in both manufacturing and services.

The latest S&P Global Composite PMI for February shows a decline to 52.3 from a revised 53.0, indicating a slowdown in growth, with GDP projected to rise at an annualized rate of just 1.5%. This stagnation in hiring and sluggish sales growth amidst rising costs suggests a cautious outlook despite improvement in future sentiment expectations, which could have implications for monetary policy and market sentiment moving forward.