U.S. manufacturing activity expanded at the fastest pace since September 2022, powered by stronger orders growth and suggesting producers are breaking out of an extended slump.

The S&P Global flash February purchasing managers index advanced to 51.5 from 50.7. Readings greater than 50 indicate expansion and, while the growth indicated is modest, the gauge has shown growth in consecutive months for the first time in more than a year.

The group's measure of orders climbed to the highest since May 2022, while factory output expanded the most in 10 months.

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