U.S. manufacturing PMI slumps, while services gauge picks up

By Steve Goldstein, for MarketWatch

Feb 21, 2019

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A reading of U.S. manufacturing sentiment fell in February to the lowest level in 17 months, another sign of the declining momentum in the industrial sector.

The flash reading of the IHS Markit manufacturing purchasing managers index fell to 53.7 from 54.9 in January, on a scale where any reading above 50 indicates improving conditions.

The weakness comes on the same day the Philadelphia Fed reported its gauge of manufacturing fell into negative territory for the first time since May 2016.

But a separate reading by IHS Markit of the services industry saw improvement, rising to an 8-month high of 56.2.

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