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- U.S. manufacturing activity grows slightly less than initially estimated in August - HIS Markit
U.S. manufacturing activity grows slightly less than initially estimated in August - HIS Markit
The
latest report by IHS Markit revealed on Wednesday the seasonally adjusted IHS
Markit final U.S. Manufacturing Purchasing Managers’ Index (PMI) came in at 61.1
in August, down from 63.4 in July and marginally lower than the earlier
released “flash” reading of 61.2. The August reading pointed to a noticeable
improvement in operating conditions, which, however, was the softest in the
last four months.
Economists
had forecast the index to stay unrevised at 61.2.
According
to the report, the August expansion was supported by steep upturns in
production and new orders. Nevertheless, output growth was reportedly hampered
by capacity constraints and material shortages. In addition, lead times for
inputs extended further as cost burdens soared, with the pace of inflation
reaching a fresh series high. Elsewhere, employment growth eased as firms
struggled to retain staff and find suitable candidates for current vacancies.
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