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US manufacturing PMI hits a four-year high
The US manufacturing sector has rebounded sharply from its three-month low in July to hit its highest level since April 2010, according to the latest PMI (Purchasing Managers’ Index) survey, published by Markit.
Output and new orders both rose at faster rates than in July and export business climbed at its fastest pace for three years. The growth in employment was the strongest since March 2013, according to the survey.
“August’s survey delivers further evidence that robust manufacturing growth momentum has been sustained through the third quarter,” says Markit senior economist, Tim Moore, “with overall business conditions improving at the fastest pace for over four years.
“Stronger employment growth was a key factor boosting the headline PMI reading in August,” he adds. “Staff hiring picked up to its sharpest for around a year-and-half, providing an early indication that the US manufacturing sector has generated in excess of 20,000 jobs over the month in August.
“Export sales finally showed signs of improvement,” Moore continues, “despite relatively subdued business conditions in some key markets, with the latest rise the steepest for three years.
“Overall, with job hiring gathering momentum and input buying expanding at the sharpest pace for at least seven years, it seems US manufacturers are increasingly confident that the recovery is firmly back on track and are gearing up for a sustained rebound in production schedules over the months ahead.”
