US PMI Jumps To Its Highest Level Since May 2010

Markit's U.S. purchasing managers' index came in at 57.1 in February, which was a bit higher than the 56.7 expected by economists.

This is up from 53.7 in January.

Any reading above 50 signals growth.

Here are the key points from Markit:

• Robust upturn in manufacturing sector performance
• Faster output and new order growth
• Job creation hits 11-month high

"The final PMI reading came in even higher that the already-strong flash estimate and signalled one of the largest monthly improvements in manufacturing for almost four years," noted Markit's Chris Williamson.

"This to a large extent reflects a temporary rebound after supply chains and production had been disrupted by severe weather. While bad weather continued to hamper production at many companies in February, many also reported that weather-related issues were being overcome.

"The upturn pushes the trend over the last three months to the strongest since May 2012, suggesting that the sector maintained robust underlying growth momentum throughout the winter months.

"This solid trend offers some reassurance to the Fed that the recent weakness in the official production and payroll data is primarily weather related, meaning the FOMC will be keen to continue to taper its asset purchases."