Markit PMI Weaker than Expected
The manufacturing sector is still in a slow-growth state, according to the global financial information service Markit. Markit’s flash US manufacturing PMI was released on Tuesday and came in at 51.4 for March, coming in below economists’ expectation for the preliminary reading on the sector to print at 51.9, up from the final February print of 51.3. Pre-production inventories fell at the steepest pace in over two years, but there was some improvement in the rate of output, new business and hiring. In the past few weeks, regional manufacturing surveys for the month, including the Empire State Manufacturing Survey, have come in stronger than expected. This report offered a cautionary reminder of the difficulties still facing American manufacturers.
