US manufacturing growth sinks to three month low

The US manufacturing sector is still expanding according to new private sector data.

Markit's purchasing managers' index (PMI) has stayed at 52.8 in September from a flash estimate, implying that the sector is expanding (any number above 50 suggests growth).

Analysts had been expecting a rise to 53.1, so this is a little disappointing, and that confirmed figure of 52.8 is a three month low.

Markit's Chris Williamson said that the reading confirmed that the "manufacturing sector is barely growing" and that "a weakening in growth of new orders suggests that the upturn could prove temporary".