US business activity rose at the weakest rate for ten months in February, according to early ‘flash’ PMI data, signaling a cooling of economic growth. Rates of expansion moderated in both manufacturing and services, reflecting weakened order book trends, in turn led by falling exports, though adverse weather was partly to blame. Employment rose only marginally as companies worried about weak sales and high costs. Average input costs rose sharply again in February, linked to supplier price hikes, tariffs and higher wages, feeding through to the largest increase in average selling prices since last August. Business ... (full story)