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ECON: Manufacturing Activity Slightly Lower Than Expected -Markit
Posted to: Micro News
Monday, September 23, 2013 9:13 AM
- Markit PMI index 52.8 vs 54.0 forecast
- Employment index at 51.4 vs 53.1 in August
- Market Reaction: Markit's Purchasing Managers Index (PMI) plays second fiddle to ISM data in the US, meaning that it's less prone to cause detectable market movement. It's hard to say if it's causing any this morning, but if so, it would be slightly positive for MBS and Treasuries.
At 52.8 in September, the Markit Flash U.S. Manufacturing Purchasing Managers’ Index™ (PMI™)1 suggested a modest improvement in manufacturing business conditions. The flash PMI index, which is based on approximately 85% of usual monthly survey replies, was down from 53.1 in August, and indicated that the rate of growth was the weakest since June.
Manufacturing output increased at a solid rate in September. Moreover, the rate of growth was the fastest since March, having accelerated from a ten-month low in August. Firms that raised production often attributed this to higher new orders.
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