July Manufacturing PMI Indicates Slower Expansion
The July Markit Flash U.S. Manufacturing Purchasing Managers’ Index (PMI) indicated the weakest improvement in U.S. manufacturing sector business conditions in 19 months, according to the preliminary ‘flash’ reading which is based on around 85% of usual monthly replies. At 51.8, down from 52.5 in June, the headline index was the second-lowest since the manufacturing recovery was first signalled by the PMI in late-2009 (only December 2010 saw a weaker PMI reading).
PManufacturing output increased in July, rising for the thirty-fourth consecutive month. However, production rose only modestly, with the rate of growth slowing for a fourth successive month to a 12-month low.
