US manufacturing sector downturn eases in September
United States Manufacturing Purchasing Managers' Index (PMI) stood at 49.8 in September, increasing by 0.9 index points compared to the preliminary figure and by 1.9 index points from the previous month's number, according to a report published by S&P Global on Monday.
Production in the sector returned to expansion territory and the rate of output was the highest since May, boosted by new employment and rising capacity. The five-month decline in new orders extended into September but was the weakest in that timespan.
"Manufacturers' expectations of future output have jumped to their highest for nearly one and a half years, supply conditions continue to improve... Less encouraging was the news on the inflation outlook, as producers' costs rose at the fastest rate for five months, largely on the back of higher oil prices," Chief Business Economist at S&P Global Market Intelligence Chris Williamson commented in the report.