US manufacturing order growth hits a seven month high

US manufacturing order growth has hit a seven month high in Augustaccording to a Markit purchasing managers' index (PMI) flash estimate. Up from 53.7 to 53.9, ahead of an estimate of an increase to 53.8.

Commenting on the flash PMI data, Chris Williamson, chief economist at Markit said:

The U.S. manufacturing sector saw only modest growth of production in August, suggesting that the economy is continuing to recover in the third quarter but that the pace of expansion remains disappointingly sluggish.