Transport Topics is reporting that the US economy showed steady business activity in February, with gains in the services sector offsetting declines in manufacturing. The report cites the IHS Markit flash composite purchasing managers’ index (PMI), which came in at 58.8 for the month, down slightly from January’s reading of 58.7, but still signaling strong growth.
The services sector, which makes up a larger share of the US economy, saw growth accelerate in February, with the PMI rising to 58.9, up from 58.3 in January. In contrast, the manufacturing sector saw a modest decline in activity, with the PMI falling to 58.5, down from 59.2 in January.
This report suggests that the US economy is continuing to recover, with the services sector seeing especially strong growth. This could indicate increased demand for transportation services, as businesses look to move goods and services to meet the needs of a growing economy. It could also suggest that Fenichey’s users in the transportation industry could see increased business activity, as more goods and services are moved around the country