US leading indicators are still sufficiently equivocal for more optimists to find some comfort in the February figures, even if it is only that things have stopped getting worse. According to the National Association of Purchasing Management (NAPM) survey, GDP in February was down for the second month and manufacturing suffered the seventh consecutive monthly decline but the rate of decline was slower. The NAPM builds an index of manufacturing activity from survey results. Values above 50 indicate growth, values below, decline. January scored 41.2, February 41.9.
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