Market’s preliminary composite purchasing managers' index jumped to 52.2 from 49.3 in January. It was the highest reading since August 2011 and the first reading above the 50-point line denoting growth since last April.
In the services sector, the PMI stood at 53.4, also the highest reading since August 2011, thanks to strong new business and business expectations. Analysts polled by Reuters had expected the service sector to contract slightly with a reading of 49.8.
The manufacturing figure, however, missed analysts' expectations. The reading for the sector fell to 47.7 from 49.2 last month, confounding expectations for a slight improvement to 49.5.
Detailed PMI data are only available under licence from Market and customers need to apply to Market for a licence.