Flash PMI and Richmond Fed Show Mixed Economic Readings
The flash Purchasing Managers Index (PMI) and the Richmond Fed released their numbers on Tuesday morning, giving off mixed economic readings.
The Richmond Fed in its manufacturing report pointed to solid strength this month for the sector. The index rose to 14 points, which was up two points from the previous month's reading of 12. Details showed incremental acceleration for new orders, which also read at 14. Shipments read at 11. Price data showed some acceleration for inputs while inventory data showed desired builds for both raw materials and finished goods.
Markit's U.S. manufacturing survey reported strong and steady growth so far this month, at 57.9 compared to 57.9 in the final August reading and 58.0 in the August flash. Details were not given to the public, but the report did note that output was strong and that new business was especially strong. The report also noted strength in backlog orders and export sales.
The U.S. manufacturing sector and Markit's reports on China and Europe are very closely watched. It would appear that U.S. markets are focused most closely on the Empire State report, and especially the long-established Philly Fed report for the first monthly readings on manufacturing.
Both the Empire State and Philly Fed reports, released last week, showed similar strength to this report.
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