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US manufacturing PMI hits lowest level since Oct 2013: Markit

by ChemOrbis Editorial Team -
  • 02/07/2015 (15:21)
A measure of US manufacturing activity posted the lowest level seen since October 2013, according to data reported by Markit Economics. Markit’s manufacturing Purchasing Managers’ Index (PMI) declined to a reading of 53.6 in June following a reading of 54 in the previous month. However, the latest figure indicated a slight increase compared with the institution’s preliminary reading of 53.4 for June. Any reading above 50 signifies an expansion.

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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