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 U.S.
factory activity expands in July, pace slows: Markit
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[August 02, 2014]
(Reuters) - The U.S.
manufacturing sector expanded in July, but the pace of
growth slipped from the previous month as growth in
output, new orders and employment slowed, an industry
report showed on Friday. |
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 Financial data firm Markit said its final U.S. Manufacturing
Purchasing Managers Index slipped to 55.8 in July, down from the
57.3 June reading that was the highest since May 2010. The
preliminary read for the index was 56.3.
A reading above 50 signals expansion in economic activity. The last
reading below 50 came in September 2009.
The output subindex slipped to 59.7 from 61.0 while a read on new
orders dipped to 59.5 from June's final read of 61.2.
"Although the pace of growth of manufacturing output slowed in July,
it remained close to June’s four year high," said Chris Williamson,
chief economist at Markit.
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"The goods-producing sector is therefore on course to provide a
significant boost to (gross domestic product) in the third quarter,
building on the 4 percent annualized growth surge seen in the second
quarter."
The employment component came in at its lowest since June 2013.
(Reporting by Rodrigo Campos; Editing by Meredith Mazzilli)
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