U.S. manufacturing hit a 5-month high—but the trade war still looms by skleb1234
AP Photo/Chris CarlsonWhile the manufacturing sector staged a muted recovery in September, showing a degree of resilience in the broader U.S. economy, the trade war continues to take a noticeable toll on the overall business outlook, according toThe most recent Purchasing Managers’ Index survey from IHS Markit showed that U.S. manufacturing, which is closely tied to engineering and industrial production, came in better than expected for September, hitting a new five-month high.
Manufacturing sector activity scored 51.0—up from 50.3 in August and beating out the consensus estimates of 50.4. The slight growth in business activity shows more resilience in the U.S. economy than in Europe, where similar gauges showed that—largely due to Germany’s manufacturing sector having the worst downturn since the financial crisis, while services growth and job creation also slowed.
Despite the uptick in U.S. industrial production, export books have continued to weaken and factory conditions are the worst since 2009, IHS Markit said. Overall business activity prospects still “look gloomy” due to trade war pressures., IHS Markit’s report shows. The U.S. Services PMI came in at 50.9 for September, up from 50.7 in August, but still lower than the 51.5 estimate. The reading is one of the lowest in the past three-and-a-half years, yet another sign of a cooling job market..
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