US factory output grows to its highest in 6 months
- US Market
- 1 month ago
The IHS Markit US Manufacturing PMI rose to 51.5 in October 2019 from 51.1 in the previous month and beating market expectations of 50.7, a preliminary estimate showed.
The latest reading pointed to the strongest expansion in factory activity since April, as output, new orders and employment increased at a faster pace.
Data in October pointed to an increase in new export sales for the first time in four months as stronger demand encouraged a marginal rebound in input buying, however inventory volumes were depleted again.
Meanwhile, factory gate charges decreased for the first time since September 2016 as manufacturers aimed at relaxing cost pressures in a bid to boost sales by applying discounts.
Business confidence in the manufacturing sector picked up for the second month running and was the highest since June.
A number of firms cited stronger order books and hopes of a recovery in global trade conditions.
Source: Smart Trend Team