US: Markit Manufacturing PMI retreats to 61.2 in August vs. 62.8 expected
- US Markit Manufacturing PMI edged lower in August.
- US Dollar Index continues to push lower toward 93.00.
The economic activity in the US manufacturing sector continued to expand in August, albeit at a slower pace than it did in July, with IHS Markit's Manufacturing PMI declining to 61.2 (preliminary) from 63.4. This reading came in worse than the market expectation of 62.8.
Commenting on the data, "not only have supply chain delays hit a new survey record high, but the August survey saw increasing frustrations in relation to hiring," said Chris Williamson, chief business economist at IHS Markit. "Jobs growth waned to the lowest since July of last year as companies either failed to find suitable staff or existing workers switched jobs."
Market reaction
The greenback continues to have a difficult time finding demand following this report. As of writing, the US Dollar Index was down 0.35% on the day at 93.14.
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.
