Markit PMI: US manufacturing is growing at its slowest pace for two years
US manufacturers had a tough November, according to new survey figures.
Markit’s purchasing managers’ index for the manufacturing sector dropped to a score of 52.6 from October’s 54.1. While the score is still above the 50 “no change” mark, it marks the slowest growth in US manufacturing for two years.
Factories reported slower rates of output, new orders and employment growth compared with October.
“Reports from survey respondents generally cited a cyclical slowdown in demand patterns and ongoing weakness in export sales,” Markit said.
“Lower levels of new work from abroad were linked to a combination of the strong dollar and weaker global economic conditions.”
The survey does not bode well for US economic growth, especially after a separate survey last week pointed to a wider slowdown across the economy.
Manufacturers in the US have also had a tough time with the fall in oil prices reducing demand for capital goods. However, Markit said demand for consumer goods remained strong.