US manufacturing PMI beats estimates, jobs growth drops to five month low

The Markit US Manufacturing Purchasing Managers’ Index (PMI) topped estimates to print at 51.3; but the reading was the lowest since October 2013.

Key points

Employment growth moderated for the second successive month. The latest increase in payroll numbers was only modest, and the weakest recorded since September 2015.

Subdued export demand weighed on new business levels in February

Factory gate prices saw a sharpest decline since June 2012