- US Markit Manufacturing PMI improved less than expected in July.
- US Dollar Index clings to daily gains near 94.00 after the data.
The IHS Markit’s Manufacturing PMI rose from 49.8 in June to 50.9 (final) in July and revealed a modest expansion in the manufacturing sector’s economic activity. However, this reading came in worse than the previous estimate of 51.3 and missed the market expectation of 52.
Commenting on the data, “although indicating the strongest expansion of the manufacturing sector since January, the IHS Markit PMI remains worryingly weak,” said Chris Williamson, Chief Business Economist at the IHS Markit. “much of the recent improvement in output appears to be driven merely by factories restarting work rather than reflecting an upswing in demand.”
Market reaction
The US Dollar Index largely ignored this report and was last seen gaining 0.52% on the day at 93.94.
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