Key findings

• Most categories record expansion in activity for first time in seven months
• Consumer Services category leads growth
• All sectors post sentiment at or above January levels

The latest S&P Global Sector PMI™ data indicated that a majority of sectors saw business activity increase during February, the first time this has been the case in seven months. The global demand picture brightened, with Consumer Services categories among the best performers. While Basic Materials and Financials sectors continued to struggle, however, rates of decline in these areas softened.

The rise in activity in February was led jointly by increases in Pharmaceuticals & Biotechnology and Transportation, the latter saw output rise for the first time in five months and at the strongest pace since November 2021. Consumer-facing travel companies also saw activity rise solidly, with Tourism & Recreation posting the fastest increase in new orders for nine months. Greater workloads encouraged further hiring in the sector, with the rate of job creation the sharpest since May last year.

Employment increased across a narrow majority of global sectors in February, led by Healthcare Services and Tourism & Recreation. Those categories most cautious around hiring were those towards the bottom of the rankings for output such as Banks and Forestry & Paper Products.

Although Basic Materials and Financials continued to struggle, there were signs of improvement across these categories as well. Real Estate saw a much slower fall in activity in February, and one that was the softest in nine months. Meanwhile, Chemicals posted a return to growth of production for the first time in eight months.

Also seeing renewed production growth in February was Automobiles & Auto Parts as a seven-month sequence of contraction came to an end.

There was also positive news on business sentiment, with optimism either at or above January levels across all of the 21 sectors covered.