At 54.3 in February, the seasonally adjusted Markit Flash U.S. Composite PMI Output Index dropped from 55.8 in January but remained above the 50.0 no-change value for the twelfth consecutive month. The latest reading signalled that private sector output growth moderated from the 14-month high recorded at the start of 2017. Weaker business activity growth was mainly driven by slower momentum across the service economy (‘flash’ index at 53.9, down from 55.6 in January). Manufacturing production continued to expand at a robust pace in February (‘flash’ output index: 55.7, down only slightly from 56.7 in January), (full story)