US manufacturing growing at fastest pace for four months

US manufacturing is growing faster according to Markit. Their purchasing manager's index figure has come in hot at 53.7.

The consensus forecast was for a PMI of 53.1. Any number above 50 implies that manufacturing is expanding, so this higher figure suggests the sector is growing even more rapdily.

Now we wait for ISM manufacturing PMI at 15.00, expected to rise from 52.5 to 53.8.

Mark Wingham, economist at Markit said:

The final PMI data confirms the earlier indication from the flash numbers that the manufacturing sector grew at its fastest pace for four months in July.

Buoyed by the strongest increases in output and new orders since March and January respectively, the goods-producing sector is on course to see an improvement in the third quarter following second quarter softness.