Manufacturing & The Economy
The U.S. manufacturing sector grew at its weakest pace for a year in October, according to the Markit Flash U.S. Manufacturing Purchasing Managers’ Index (PMI), which is based on approximately 85% of usual monthly survey replies. The flash PMI index registered 51.1, down from 52.8 in September, and was consistent with only a modest rate of expansion.
“The flash PMI provides the first insight into how business fared against the backdrop of the government shutdown in October, and suggests that the disruptions and uncertainty caused by the crisis hit companies hard. The survey showed the first fall in manufacturing output since the height of the global financial crisis back in September 2009,” said Chris Williamson, chief economist at Markit.