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News Link • Economy - Economics USA

PMI: US Manufacturing Growth Hits A Three Year Low

•, Eric Platt

The U.S. manufacturing industry grew at its slowest pace in nearly three years, but continued to outpace peers in Europe and Asia, new data out of Markit Economics shows.

The key activity index showed growth at 51.4, below a preliminary reading of 51.8.

A reading above 50 indicates expansion.

Nearly across the board, sub-indicators registered greater weakness in the country. Output and new orders both grew at a slower pace than in June, falling to 51.7 and 51.0, respectively.

Employment also slackened marginally, off 10 basis points to 52.7.

“Firms continued to take on extra staff, but hiring is nothing like as widespread as earlier in the year," Chris Williamson, Chief Economist at Markit, said. "Companies are clearly taking a cautious approach to recruitment and the job market will most likely remain subdued until global economic uncertainty begins to lift."

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