- Markit Manufacturing PMI improves slightly to 50.4 in July.
- The US Dollar Index remains in the upper half of daily range after data.
The IHS Markit’s final US Manufacturing report showed that the business activity in the manufacturing sector expanded at a slightly stronger pace than expected with the Purchasing Manager Index (PMI) coming in at 50.4 in July and beating the market expectation of 50.
The market doesn’t seem to be paying any attention to the data, however, and the US Dollar Index was last up 0.25% on the day at 98.80.
Assessing the data, “US manufacturing has entered into its sharpest downturn since 2009, suggesting the goods-producing sector is on course to act as a significant drag on the economy in the third quarter,” said Chris Williamson, Chief Business Economist at the IHS Markit.
“The deterioration in the survey’s output index is indicative of manufacturing production declining at an annualised rate in excess of 3%.”
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