Manufacturing PMI hits four-month high in July

By Steve Goldstein, for MarketWatch

Jul 24, 2017

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A reading of U.S. manufacturing output reached a four-month high in July, according to data released Monday.

The IHS Markit flash U.S. manufacturing purchasing managers index rose to 53.2 from 52 in June, as there was acceleration in readings for output, new orders, employment and stocks of input.

Manufacturers linked higher volumes of new work to improving demand conditions and signs of reduced risk aversion among clients, IHS said.

Industrial production in June rose for the fifth straight month, helped by improving oil and gas production as oil prices stabilize and a weaker dollar.

The IHS Markit flash U.S. services PMI meanwhile stayed at 54.2, tied for the best level since January.

Any reading above 50 indicates improving conditions. The flash readings are based on 85% to 90% of total survey responses each month.

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