In the recent economic report, the industrial purchasing managers’ index did not meet the economists’ expectations, indicating a slow growth in the industrial sector. On the other hand, the service sectors showed a slight improvement as their reading slightly exceeded the economists’ anticipations.
A closer look at the numbers reveals that the industrial purchasing managers’ index stood at 42.3 in February. This figure fell short compared to the consensus of economist forecasts that the news agency Bloomberg had gathered, which expected the figure to be 46.0. The January reading also saw a higher figure of 45.5.
It’s important to note that a score below 50 indicates a decrease in economic activity from the previous month. Hence, the lower score of 42.3 in February is a clear sign of a decline in economic activity in the industrial sector from January.
However, the service sectors showed a more promising trend. Despite a decline, the readings turned out better than what economists had expected. The index score came in at 48.2, surpassing the economists’ forecast of 48.0. This figure, although lower than January’s 47.7, signifies a slight improvement in the service sectors.
