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U.S. ISM manufacturing PMI jumps to 59.0 in August

Published 09/02/2014, 10:09 AM
Updated 09/02/2014, 10:09 AM
US manufacturing sector expands at fastest rate since March 2011 in August

US manufacturing sector expands at fastest rate since March 2011 in August

Investing.com - Manufacturing activity in the U.S. expanded at the fastest rate since March 2011 in August, marking the fifteenth consecutive month of growth, according to data released on Tuesday.

The Institute for Supply Management reported that its manufacturing purchasing managers’ index jumped to 59.0 last month from 57.1 in July. Economists had expected the index to tick down to 56.8.

On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.

The new orders component of the index rose to 66.7, an increase of 3.3 points from 63.4 in July.

The employment index grew for the fourteenth consecutive month the report said, registering 58.1, down 0.01 points from 58.2 in July.

The dollar extended gains against the yen, with USD/JPY up 0.63% to fresh seven month highs of 105.00 from 104.97 ahead of the data, while the euro was little changed near one year lows, with EUR/USD at 1.3122 from 1.3120 earlier.

Meanwhile, U.S. equity markets were mixed. The Dow 30 was down 23%, the S&P 500 slipped 0.07%, while the Nasdaq 100 edged up 11%.

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