US Manufacturing Sample Showing Strong And Steady Growth

Markit's US manufacturing sample is reporting strong and steady growth so far this month, at 57.9 vs 57.9 in the final August reading and 58.0 in the August flash. Details are not offered to the public but the report does note that output is strong and that new business is especially strong. The report also notes strength in backlog orders and export sales. Another plus is what it describes as "robust" strength in manufacturing employment.

Though offering the first national reading on the US manufacturing sector and though Markit's reports on China and Europe are very closely watched, Markit's US report has yet to have much impact on US markets. Instead, US markets focus most closely on the Empire State report and especially the long established Philly Fed report for the first monthly readings on manufacturing. Both the Empire State and Philly Fed reports, released last week, showed similar strength to this report.

The Markit PMI manufacturing index (final) accelerated in August, to a final 57.9 versus a mid-month reading of 58.0 and a final July reading to 55.8. The report noted strength for new orders, especially a pickup for export orders, as well as strength for production and employment.