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Financial data firm Markit said its preliminary U.S.
Manufacturing Purchasing Managers' Index fell to 52.9 in August,
its lowest since October 2013, from a final July reading of
53.8. Economists polled by Reuters had forecast the August
figure would be 54.0.
A reading above 50 indicates expansion in the sector.
Job creation also slowed in August, with the index at 52.2, its
weakest since July 2014, down from a final July reading of 53.8.
"August’s survey highlights a lack of growth momentum and
continued weak price pressures across the U.S. manufacturing
sector, which adds some fuel to the dovish argument as
policymakers weigh up tightening policy in September," said Tim
Moore, senior economist at Markit.
"According to survey respondents, the strong dollar continued to
put pressure on export sales and competitiveness, while
heightened global economic uncertainty appeared to have dampened
client spending both at home and abroad."
The index's output component fell to 53.7, its lowest since
January 2014, from the July final reading of 55.3.
The manufacturing sector Purchasing Managers' Index is compiled
by information services company Markit.
(Reporting by Sam Forgione; Editing by Meredith Mazzilli)
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