US manufacturing PMI hits lowest level since Oct 2013: Markit
The decrease was attributed to slower exports stemming from the stronger dollar, which hurts the competitiveness of American goods in global markets.
Meanwhile, according to a separate PMI released by the Institute of Supply Management’s (ISM), manufacturing in the US grew at the fastest pace in five months in June, rising to a reading of 53.5 from 52.8 in May. ISM’s PMI also beat economists’ initial estimates, which called for a reading of 53.1.
ISM’s data showed that an index of new orders climbed to a reading of 56, posting the highest level this year, while an output measure declined to a reading of 54 from 54.5 in May. ISM’s employment measure, meanwhile, rose to a reading of 55.5 from May’s 51.7 to post the strongest reading since last December.
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