8/21/2020, 3:47 PM (Source: TeleTrader)
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US private sector activity hits 18-month high in Aug

The IHS Markit Flash United States Composite PMI Output Index, which takes both, the services and the manufacturing business activity into account, stood at 54.7 in August, rising by 4.4 index points in comparison to the previous month and hitting the highest reading in a year and a half, according to a preliminary report published by IHS Markit on Friday.

In August, the Manufacturing PMI improved by 2.7 index points to reach 53.6, while the Services Business Activity Index reached 54.8, after increasing by 4.8 index points.

"Encouragingly, firms signalled an accelerated rise in hiring, as greater new business inflows led to increased pressure on capacity. [...] However, expectations regarding output over the coming year dipped slightly from July due to uncertainty stemming from the pandemic and the upcoming election," Sian Jones, Economist at IHS Markit, noted in the press release.

Breaking the News / MS