The Markit Flash U.S. Manufacturing Purchasing Managers’ Index (PMI) picked up to a four-month high in July. Having risen to 53.2 from 51.9 in June, the flash PMI index, which is based on approximately 85% of usual monthly replies, suggested that growth of the manufacturing sector quickened to a moderate pace.
New export orders also rose in July. The modest expansion of new export work followed contractions in the previous two months. Reflective of the rise in new work, manufacturers raised production at the fastest rate in four months in July. The rate of output growth, though solid, was weaker than the average for the current near four-year sequence of expansion.