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The ISM Non-Manufacturing PMI (Feb) jumped to 56.1 (vs 53.5 expected; prior 53.8), signalling a stronger services expansion. Subcomponents were broadly constructive:

• Business Activity: 59.9 (prior 57.4)
• New Orders: 58.6 (vs 53.5 expected; prior 53.1)
• Employment: 51.8 (vs 50.3 expected) — back above 50
• Prices Paid: 63.0 (vs 68.3 expected; prior 66.6) — still elevated but cooler

Market read-through: Stronger activity/orders with employment back in expansion supports growth, while lower prices paid are a small relief on the inflation signal.

Source: Institute for Supply Management (ISM)

The U.S. S&P Global Services PMI (Feb) fell to 51.7 (vs 52.3 expected; prior 52.7), while the Composite PMI eased to 51.9 (vs 52.3 expected; prior 53.0). Both remain above 50, but the miss signals slower momentum across the services-led economy.

Source: S&P Global

The ADP nonfarm employment change (Feb) came in at +63K, above the +50K expected and sharply stronger than the prior +11K. The rebound suggests private hiring improved versus January, setting up the market for Friday’s official payrolls print.

Source: ADP Research Institute / Stanford Digital Economy Lab

U.S. MBA mortgage applications jumped +11.0% w/w (prior +0.4%), even as the 30-year mortgage rate held steady at 6.09%. Activity improved across the board: the Purchase Index rose to 158.9 (prior 149.7), the Mortgage Market Index to 377.5 (prior 340.2), and the Refinance Index to 1,637.5 (prior 1,432.9).

Source: Mortgage Bankers Association (MBA)

U.S. total vehicle sales (Feb) rose to 15.80M (vs 15.20M expected; 14.90M prior), signalling a stronger-than-forecast pulse in auto demand. The upside surprise can feed into near-term consumption tracking, especially for goods-sensitive growth.

Source: U.S. Motor Vehicle Sales (BEA / Wards)

The IBD/TIPP Economic Optimism Index fell to 47.5 (vs 50.1 expected; 48.8 prior), staying below the 50 threshold and underscoring weaker sentiment momentum as households remain cautious.

Source: IBD / TIPP Insights

The Redbook same-store sales index (y/y) rose to 7.0% from 6.7%, suggesting a slightly firmer week-to-week read on U.S. retail demand.

Source: Redbook Research

The Atlanta Fed GDPNow estimate for Q1 stayed unchanged at 3.0%, signaling the model’s near-term growth tracking remains steady.

Source: Federal Reserve Bank of Atlanta (GDPNow)

U.S. bill auctions cleared at slightly higher yields: the 3-month at 3.610% (prev 3.590%) and the 6-month at 3.535% (prev 3.525%), pointing to mild upward pressure at the very front end.

Source: U.S. Department of the Treasury

The ISM subcomponents showed a sharp cost pulse alongside mixed demand/labor signals:

• Prices Paid: 70.5 (vs 60.6 expected; 59.0 prior)
• Employment: 48.8 (vs 48.3 expected; 48.1 prior) — still below 50
• New Orders: 55.8 (vs 53.3 expected; 57.1 prior)

The standout is Prices Paid, reinforcing a re-acceleration in input cost pressure even as orders eased from January.

Source: Institute for Supply Management (ISM)

The ISM Manufacturing PMI (Feb) printed 52.4 (vs 51.7 expected), remaining firmly expansionary, though a touch below the prior 52.6—suggesting growth continues but at a slightly cooler pace than January.

Source: Institute for Supply Management (ISM)

The U.S. S&P Global Manufacturing PMI (Feb) rose to 51.6 (vs 51.2 expected; 51.2 prior), indicating slightly stronger manufacturing momentum and a small upside surprise.

Source: S&P Global