PMI Shows Manufacturing and Employment Ahead of Labor Department Data
The Markit U.S. Manufacturing PMI has released its final data for the month of August, showing a drop as output growth slowed to 10-month low. The report came in at 53.1, versus 53.7 in July and 53.9 on the flash estimate. The report signals a slower but moderate rate of manufacturing expansion. Other notes showed that the new orders increase at solid pace, while input price pressures eased and showing the second month of job creation.
Total new business rose at the fastest rate in seven months but was actually slower than the flash data. Markit said:
A slower rate of output growth was one of the factors behind the weaker improvement in operating conditions. Production rose in August, but the rate of growth was the slowest since October 2012. Consumer and intermediate goods producers reported weaker output trends, but makers of investment goods saw a stronger rate of increase.
On the jobs front, employment in the manufacturing sector rose for the second consecutive month, and the overall rate of job creation was little-changed from July. All three market groups saw an increase in staff numbers, with the largest gains seen in the consumer goods sector.
Here is the full PMI report. We have also included a graphic showing a breakdown on each.
Filed under: Economy