There were conflicting data on US manufacturing on Tuesday. The Institute for Supply Management's manufacturing PMI fell to 49.6 in August from 49.8 in July. However, Markit's manufacturing PMI rose to 51.5 from 51.4.
Helping to prop up manufacturing is demand for autos. US light-vehicle sales accelerated to a 14.5 million seasonally adjusted annualised rate in August, the best sales pace since August 2009. Car sales may have been boosted by lower lending standards for car loans.
However, construction spending fell 0.9 percent in July, the biggest decline in a year, after having risen 0.4 percent in June.
There has also been weaker construction activity in the UK, where the Markit/CIPS construction PMI fell to 49.0 in August from 50.9 in July.
However, the UK services PMI jumped to 53.7 in August from 51.0 in July.
No comments:
Post a Comment