Moderation at a still solid rate of growth is the indication from the
manufacturing PMI which ended August at 54.7, up slightly from the
mid-month reading of 54.5 but down noticeably from July's final at 55.3.
Growth
in production was the slowest since November last year while growth in
new orders slowed only slightly and helped keep backlogs and employment
rising at a solid though slowing pace. A plus for new orders is that
growth included an uptick in export sales.
Capacity stress is
easing in PMI's sample as both growth in input costs and selling prices
slowed to levels early in the year while lengthening in delivery times
also eased. Business confidence is back on the climb, rising to a
3-month high.
Advance indications on August's factory sector are
mixed to softer but rates of growth are still healthy. Similar results
are expected for the ISM manufacturing report released later this
morning at 10:00 a.m. ET.
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