US S&P Global Manufacturing PMI Final (Feb) 51.6 vs. Exp. 51.2 (Prev. 51.2, Rev. From 52.4)

• S&P says “February saw US manufacturers report the weakest expansion since last July, in a further sign that the overall pace of economic growth has moderated in recent months." 
• “Production growth slowed in response to a near-stalling of orders from customers, with exports falling especially sharply. Factory payroll growth was also barely changed, as concern over order book health caused a growing reticence to add to workforce numbers." 
• “Businesses were often disrupted by extreme weather, which has clouded insights into the underlying strength of economic growth and suggests we may see some rebound once the weather clears, and it is encouraging to see manufacturers reporting improved optimism about the outlook." 
• Uncertainty over the political environment, and the tariff picture in particular, remains a drag on confidence, hiring and investment, which looks likely to persist in the coming months. "
• “Meanwhile, although cost inflation remained elevated, often linked to tariffs, it is running lower than the peaks seen last year, and stiff competition has limited the pass-through to selling prices, which rose in February at the slowest rate for over a year. While this is good news for inflation, it hints at downward pressure on profits."

The S&P Global Manufacturing PMI for February came in at 51.6, beating expectations, but signals a weaker expansion compared to previous months, reflecting moderating economic growth. A decline in orders and exports, coupled with elevated cost inflation, suggests companies may restrain hiring and investment amid ongoing political uncertainty, which could weigh on future economic momentum.