Wednesday, 3 September 2014

US manufacturing accelerates

In contrast to most of the rest of the world, US manufacturing appears to have done well in August, based on data released on Tuesday.

The Institute for Supply Management's manufacturing PMI rose to 59.0 last month, the highest reading since March 2011, from 57.1 in July.

Markit's US manufacturing PMI rose to 57.9, the highest level since April 2010, from 55.8 in July.

In further good news for the US economy, another report on Tuesday showed that construction spending rose 1.8 percent in July to a 5½ year high.

The data helped the US dollar rise 0.7 percent against the yen and pushed the US 10-year Treasury yield up seven basis points to 2.42 percent.

However, the S&P 500 fell 0.1 percent from its record high.

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