Manufacturing and industrial activity increased in the US and the European Union in February compared to the previous month on improving economic conditions.
According to the US industrial sector PMI compiled by IHS Markit, industrial output in the country approached 60 points last month compared to around 55 points in January this year. The acceleration in manufacturing in the US was also reported by the most recent ISM manufacturing PMI that pegged manufacturing PMI at 60.8pc in February compared with 58.7pc in the previous month.
In Europe, IHS’s final Eurozone Composite Output Index inched up to 48.8 basis points last month from 47.8 points in January, mostly on strong growth in manufacturing output and demand.
The survey indicated that the growth was led by higher output and demand in Germany and Italy, whereas France, Spain, and Ireland’s growth indices trended down in February compared to the previous month.