US manufacturing activity picks up in September - IHS Markit
Manufacturing activity in the US grew a little more than initially estimated in September, according to figures released on Monday.
IHS Markit's final manufacturing purchasing managers' index edged up to 53.1 from a flash estimate of 53.0 and a reading of 52.8 in August. The upturn signalled a slight pick-up in growth momentum and a strong improvement in overall operating conditions across the sector.
Chris Williamson, chief business economist at IHS Markit, said: "While the headline PMI remained resiliently elevated in September, despite disruption from hurricanes Harvey and Irma, the details of the survey are more worrying. Output growth was unchanged on August’s 14-month low, and translates into stagnation at best in terms of the official manufacturing output data. Firms’ expectations of future output growth also slipped to a four-month low.
"There was better news on the hiring front, with job creation perking up to a nine-month high. However, with employment rising faster than output, productivity may be slipping."