Tuesday 24 September 2013

Purchasing managers surveys show growth in China, euro area and US

Economic data on Monday were mostly positive.

In China, HSBC's manufacturing PMI rose to 51.2 in September, a six-month high, from 50.1 in August.

In the euro area, Markit's composite PMI rose to 52.1 in September from 51.5. The increase was driven by a jump in the services index to 52.1 from 50.7 but the manufacturing PMI fell to 51.1 from 51.4.

Also slowing in September is US manufacturing, where Markit's PMI fell to 52.8 from 53.1 in August.

A report from the Chicago Federal Reserve on Monday did indicate some improvement in the economy though. Its national activity index rose to +0.14 in August from -0.43 in July.

The index’s three-month moving average also increased to -0.18 in August from -0.24 in July. However, this suggests that economic growth remained below its historical trend.

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