Worrying news from initial Markit US PMI numbers for February. Manufacturing PMI fell -1.1 points to 50.8, but Services PMI fell a full -4.0 points to 49.4. Overall composite PMI for the US economy fell to 49.6, its first contraction since the government shutdown in October 2013. 
The results are consistent with a steep slowdown in US economic growth in February, linked in part to the effects of the coronavirus outbreak on travel and tourism.
For those who have been asking, this is really our first solid piece of data (albeit soft, not hard) indicating a potentially meaningful spillover effect of the coronavirus outbreak onto the US economy.
Ironically, business confidence saw a decent uptick to an 8-month high on feelings any slowdown would be temporary, but remains cautious.
