FXStreet (Mumbai) – The preliminary Markit US Manufacturing Purchasing Managers’ Index (PMI) edged up to 53.8 in July from a 20-month low of 53.6 in June.
The uptick was largely due to stronger rises in output and new business levels in July. Meanwhile, slowdown in job creation was the main factor weighing on the headline PMI during the latest survey period.
The rate of growth in new business pickup up its fastest for three months. A number of survey respondents noted that subdued export demand, as well as the strong dollar, had encouraged them to focus sales efforts on faster growing domestic markets. Input prices increased for the third month running, still the output charges rose at the slowest in three months.
(Market News Provided by FXstreet)