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10/3, 3:46 PM (Source: TeleTrader)
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US manufacturing PMI grows slightly in September

United States manufacturing purchasing managers index (PMI) reached 52.0 in September, a report released by S&P Global revealed on Monday. The figure marks a rise from August's reading of 51.5. Nevertheless, the growth expansion in this sector continued to stay subdued.

The report noted that even though output and new orders returned to growth during September, "rates of expansion were historically muted."

"Even with the latest improvement, the weakness of the data in recent months still point to manufacturing acting as a drag on the economy in the third quarter, and demand will need to revive further if any meaningful positive contribution to GDP is going to be seen in the rest of the year," Chief Business Economist at S&P Global Chris Williamson commented.

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