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US business activity picks up as manufacturing gauge hits record high, IHS Markit says

US coronavirus factory manufacturing

Summary List Placement

A key gauge of US business activity swung higher this month as strong demand lifted manufacturers and service businesses alike.

IHS Markit’s composite output index climbed to 58 from 55.3 in an early January reading, hitting its highest level in two months. The firm’s index of service-industry business activity improved to 57.5 from 54.8, while its purchasing managers’ index for manufacturers leaped to a record high of 59.1 from 57.1.

Readings above 50 signal growth and those below the threshold indicate contraction. IHS’s composite PMI plummeted below 30 at the start of the pandemic but has details ⇒

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