US manufacturing PMI falls more than expected in August: Markit

According to a flash purchasing managers’ index (PMI) released by Markit Economics, manufacturing in the US fell more than analysts’ expectations in August.

The August manufacturing PMI fell to a reading of 52.1 following July’s nine-month high of 52.9, missing analysts’ estimates, which called for a reading of 52.7. Any reading above 50 indicates an expansion while any figure below 50 represents a contraction.

Export sales rose at the fastest pace for almost two years while domestic demand remained weak. Therefore, new orders grew at a slower pace this month. Improving production and trade performances are expected to support economic growth in the third quarter.