US manufacturing slows

US economic data on Thursday lacked the strength seen in recent months.

Manufacturing continued to expand in February but at a slower pace as the Institute for Supply Management’s manufacturing index fell to 52.4 from 54.1 in January.

Consumer spending rose 0.2 percent in January. However, after taking inflation into account, spending was flat for the third month running.

Construction spending fell 0.1 percent in January.

Elsewhere, manufacturing in China improved in February. The China Federation of Logistics & Purchasing's manufacturing PMI rose to 51.0 from 50.5 in January while the HSBC manufacturing PMI rose to 49.6 from 48.8.

In the UK, manufacturing continued to grow albeit at a slower pace in February. The Markit/CIPS manufacturing PMI fell to 51.2 from 52.0 in January.

In the euro area, the manufacturing PMI from Markit Economics rose to 49.0 in February from 48.8 in January. However, the jobless rate rose to 10.7 percent in January, the highest since October 1997, and the inflation rate accelerated to 2.7 percent in February from 2.6 percent in January.