S&P Global(US:SPGI) 智通财经网·2026-02-20 16:11Group 1 - The core point of the article indicates that U.S. business activity continued to expand in February, but the growth rate has dropped to the lowest level in nearly 10 months, signaling a notable cooling of economic momentum [1][2] - The U.S. Composite PMI output index fell to 52.3 in February from 53.0 in January, marking the lowest level since April of the previous year, although it remains above 50, indicating that the private sector is still in an expansion phase [1][2] - The Chief Business Economist at S&P Global, Chris Williamson, stated that the PMI data suggests an annualized GDP growth rate of approximately 1.5% for the U.S., indicating a significant cooling compared to the stronger growth seen in the second half of the previous year [1] Group 2 - The February services PMI decreased to 52.3 from 52.7 in January, falling short of the expected 53.0, while the manufacturing PMI dropped from 52.4 to 51.2, reaching a seven-month low and also below the market expectation of 52.6 [2] - Manufacturing new orders have declined for the second time in the past three months, reflecting ongoing pressure on the demand side [2] - Employment indices for both manufacturing and services have fallen close to the neutral line at 50.2, indicating that hiring activity among businesses is nearly stagnant, with a cautious attitude towards labor due to reduced orders and slowed business expansion [2]