Here's the only disappointment in the robust February PMI results

Tech PMI made a glitch.

According to CIMB, the Purchasing Managers’ Index (PMI) rose 0.4 pt to 50.9 in Feb (+0.8 pt to 50.5 in Jan), thanks to the higher prints in production, inventory, finished goods, employment and backlog orders.

Although the new orders and new export orders declined last month, the respective indices are still hovering above 50 in Feb, signalling expansionary activity.

Here's more from CIMB:

The tech PMI dropped 0.8 pt to 51.2 (+1.9 pts to 52.0 in Jan) but the new order readings showed sustained demand from both the domestic and overseas markets.

Finished goods, prices, employment, deliveries and backlog orders rose in Feb. The tech PMI was in line with our estimate but below consensus (51.6).

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