US: Markit Manufacturing PMI edges lower to 59.2 in October vs. 60.3 expected
- US Markit Manufacturing PMI declined slightly in October's flash estimate.
- US Dollar Index stays in the negative territory after the data.
The economic activity in the US manufacturing sector continued to expand in October, albeit at a slightly slower pace than it did in September, with IHS Markit's Manufacturing PMI declining to 59.2 (preliminary) from 60.7. This reading missed the market expectation of 60.3.
Commenting on the data, "while manufacturers also continue to report strong demand, factory production remains plagued by constraints, including record supply chain bottlenecks and labor shortages," noted Chris Williamson, Chief Business Economist at IHS Markit."Prices paid by factories for raw materials rose at yet another new record pace as a result."
Market reaction
The greenback remains on the back foot after this data and the US Dollar Index was last seen losing 0.17% on the day at 93.60.
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
