Markit's flash US manufacturing PMI beats expectations in July

Markit’s flash manufacturing purchasing managers’ index rose to an eight-month high of 52.9 in July from 51.3 in June.

This was ahead of expectations for a reading of 51.6, led by a robust expansion of incoming new work and the fastest upturn in production volumes for eight months.

Chief economist Chris Williamson said: “July saw manufacturers battle against a strong dollar, the ongoing energy sector downturn and political uncertainty ahead of the presidential election, yet still achieved the best growth seen since last year.

“It remains too early to say if this is the start of a stronger upturn, but this is a welcome and encouraging sign of revival after the second quarter, in which the PMI signalled the sector’s worst performance for over six years.”