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- U.S. manufacturing activity expands slightly more than initially estimated in July - IHS Markit
U.S. manufacturing activity expands slightly more than initially estimated in July - IHS Markit
The
latest report by IHS Markit revealed on Monday the seasonally adjusted IHS
Markit final U.S. Manufacturing Purchasing Managers’ Index (PMI) came in at 63.4
in July, up from 62.1 in June and marginally higher than the earlier released “flash”
reading of 63.1. The July reading pointed to a noticeable improvement in
operating conditions, which was strongest in the 14-year series history.
Economists
had forecast the index to stay unrevised at 63.1.
According
to the report, the July gain in headline figure was supported by stronger expansions
in output and new orders, with the latter growing at the second-quickest pace
since data collection began in May 2007. At the same time, unprecedented
supplier shortages and delays continued to exert upward pressure on input costs
and stymie firms' ability to process incoming new work. As a result, cost
burdens rose at a record-breaking rate and the accumulation of backlogs
accelerated. Elsewhere, employment rose at the sharpest pace for three months,
but some firms continued to note difficulties filling vacancies.
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