US S&P Global Manufacturing PMI edged higher to 52 in September.
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- US S&P Global Manufacturing PMI edged higher to 52 in September.
- US Dollar Index stays in daily range above 112.00 after the data.
The economic activity in the US manufacturing sector expanded at a slightly stronger pace in September than it did in August with the S&P Global Manufacturing PMI rising to 52.0 from 51.5. This reading came in better than the flash estimate and the market expectation of 51.8.
Commenting on the survey’s findings, “with US manufacturers reporting a return to growth of order books for the first time in four months, as well as improved job gains, the September survey brings welcome news that business conditions are starting to improve again,” said Chris Williamson, Chief Business Economist at S&P Global Market Intelligence.
“However, even with the latest improvement, the weakness of the data in recent months still point to manufacturing acting as a drag on the economy in the third quarter,” Williamson added. “Demand will need to revive further if any meaningful positive contribution to GDP is going to be seen in the rest of the year.”
The US Dollar Index showed no immediate reaction to this report and was last seen posting small daily gains at 112.25.
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