US ISM manufacturing index likely increased to 57.0 in February - Nomura

Analysts at Nomura note that the US headline ISM manufacturing index improved further to 56.0 in January with broadbased improvement in underlying indicators.

Key Quotes

“Incoming data suggest this index may have increased further in February, consistent with the further improvement seen in manufacturing indexes from other surveys. The headline indexes from the Philly Fed and Empire State surveys were up strongly in February, with broad-based improvement in details, suggesting healthy activity in the manufacturing sector. Moreover, financing conditions remained favorable for this sector as the corporate credit spread narrowed further in February. Considering these data, we expect ISM manufacturing index to have increased to 57.0 in February (Consensus: 56.2).”