US manufacturing growth slows to a 6-month low, Markit says

The Institute for Supply Management and Markit Economics on Monday released reports on surveys of US manufacturers conducted during March.

Markit’s final purchasing manager’s index fell to 53.3, below the forecast for 53.5 according to Bloomberg.

According to Markit, manufacturing growth slowed to a six-month low. New orders came in at the slowest pace since October.

“The post-election resurgence of the manufacturing sector seen late last year is showing signs of losing steam,” said Chris Williamson, the chief business economist at IHS Markit.

“The survey data have acted as a reliable advance guide to official data in the past, and in March indicate a slowing of output growth to an annualized rate of around 2%.”

The ISM’s index, was 57.2, down from 57.7 in February and in line with expectations. New orders and production grew at slower rates, while employment improved.

PMI readings above 50 indicate expansion.

“Like most survey-based indicators, the ISM manufacturing index has enjoyed a solid run post-election,” said Wells Fargo’s Sam Bullard in a preview.

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