This was highlighted by a rise in the seasonally adjusted IHS Markit Flash U.S. Composite PMI Output Index to 55.9, up from 53.8 in January and the highest reading for almost two-and-a-half years. February data pointed to similarly sharp increases in both manufacturing production and service sector activity. The latter recorded a much stronger rate of expansion than at the start of 2018, helped by the largest rise in new work received by service providers since March 2015.

Stronger new business growth underpinned a robust upturn in private sector payroll numbers during February. The latest increase in staffing levels was the most marked since August 2015.