US Manufacturing Grows in August

Activity in the US manufacturing sector grew at its fastest pace for five months in August, with a pick-up in new orders, a survey has indicated.

Markit’s purchasing managers’ index (PMI) rose to 53.9, up from 53.7 in July and its best showing since March. A reading above 50 indicates growth.

The index for new orders rose to 56.5, a seven-month high, from 55.5 in July

Analysts said the figures pointed to stronger US economic growth for the rest of the year.

“Hopefully the faster growth of new orders seen during August will translate into increasingly strong production gains in coming months, and also boost hiring,” said Markit’s chief economist, Chris Williamson.

The Markit survey is a preliminary report, based on replies from about 85% of the US manufacturers surveyed. A final reading will be released on 3 September.

via BBC

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