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9/1, 3:45 PM (Source: TeleTrader)
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US manufacturing growth slows down in August

Manufacturing activity growth in the United States slowed down in August, according to a report released by IHS Markit on Wednesday. The Purchasing Managers Index (PMI) came in at 61.1, down from a record reading of 63.4 in July.

Output expectations strengthened and new orders increased but employment growth eased over the past month.

"US goods producers continued to register marked upturns in output and new orders in August, as demand flourished once again. That said, constraints on production due to material shortages exerted further pressure on capacity as backlogs of work rose at a near-record rate," Sian Jones, senior economist at IHS Markit, stated.

Breaking the News / NP