The “flash” reading for Markit Economics’ purchasing manager’s index for August came in at 58.0.
The consensus forecast was for 55.7, basically unchanged from 55.8 prior.
It was the fastest pace in four years.
New export business increases at steepest pace for three years. Employment growth had its best performance since March 2013.
“Overall, with job hiring gathering momentum and input buying expanding at the sharpest pace for at least seven years, it seems US manufacturers are increasingly confident that the recovery is firmly back on track and are gearing up for a sustained rebound in production schedules over the months ahead,” Markit’s Tim Moore said.
Input cost inflation went nowhere and remained below historical averages.
Here’s the chart for the headline reading:
And here’s the output chart:
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