The Markit manufacturing PMI was unchanged at 53.0 in the September flash estimate, printing slightly above consensus expectations (52.8) for a modest decline. Output improved modestly to 54.3 on the month (previous: 53.8) though new orders (54.0, previous: 54.7) and employment (51.4, previous: 52.4) both slipped from last month's final readings.
The new export orders index ticked higher to 50.6 (previous: 49.4) and price pressures remained soft across the board. On balance, the flash September reading suggests that overall manufacturing conditions were little changed at the end of the third quarter. Regional survey data already available for September have been mixed on net and this morning's Markit data suggest continued headwinds for the manufacturing sector.
"We place greater weight on the ISM manufacturing index in our assessment of national manufacturing trends, and look ahead to next week's release for further signal on the state of the US industrial sector", says Barclays.
