US: Markit Manufacturing PMI drops to 54.7 in August from 55.3 in July

"August data indicated a strong overall improvement in the health of the U.S. manufacturing sector," IHS Markit reported on Tuesday.

Key quotes

• The upturn was supported by further rises in output and new orders, and a renewed increase in export sales.
  •  That said, production rose at the weakest rate for almost a year.
• The seasonally adjusted IHS Markit final U.S. Manufacturing Purchasing Managers’ Index (PMI) registered 54.7 in August, down from 55.3 in July.
• Rates of employment and backlog growth remained solid. 
• Average charges rose strongly, with respondents reportedly partly passing higher costs on to clients in order to protect profit margins.
• Finally, expectations towards output over the coming 12 months improved.