US: Markit Manufacturing PMI edges lower to 60.5 in September vs. 62.5 expected
- US Markit Manufacturing PMI declined slightly in September's flash estimate.
- US Dollar Index continues to push lower toward 93.00.
The economic activity in the US manufacturing sector continued to expand in September, albeit at a slower pace than it did in August, with IHS Markit's Manufacturing PMI declining to 60.5 (preliminary) from 61.1. This reading came in slightly weaker than the market expectation of 62.5.
"New orders were reportedly driven by strong demand conditions," the publication read. "Manufacturers expanded their workforce numbers at a steeper rate in September. Despite many firms noting challenges finding suitable candidates and retaining current employees, many were able to hire additional workers, often offering greater wages to entice staff."
Market reaction
The greenback remains on the back foot following this report. As of writing, the US Dollar Index was down 0.4% on a daily basis at 93.05.
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.
