Investing.com - Manufacturing activity in the U.S. improved less-than-expected in October, preliminary data showed on Wednesday.
In a report, market research group Markit said that its preliminary manufacturing purchasing managers’ index rose to a seasonally adjusted 51.3 in October from a final reading of 51.1 in September, which was the lowest in three years.
Analysts had expected the index to ease up to 51.6 in October.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
Commenting on the report, Chris Williamson, Chief Economist at Markit said, “Comparisons of the PMI numbers against official data suggest that the survey results are consistent with mild downturns in both manufacturing output and payroll numbers.”
Following the release of the data, the U.S. dollar held on to gains against the euro, with EUR/USD shedding 0.23% to trade at 1.2957.
Meanwhile, U.S. stock index futures remained higher. The Dow Jones Industrial Average futures pointed to a gain of 0.3% at the open, S&P 500 futures indicated a rise of 0.45%, while the Nasdaq 100 futures signaled a gain of 0.45%.
In a report, market research group Markit said that its preliminary manufacturing purchasing managers’ index rose to a seasonally adjusted 51.3 in October from a final reading of 51.1 in September, which was the lowest in three years.
Analysts had expected the index to ease up to 51.6 in October.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
Commenting on the report, Chris Williamson, Chief Economist at Markit said, “Comparisons of the PMI numbers against official data suggest that the survey results are consistent with mild downturns in both manufacturing output and payroll numbers.”
Following the release of the data, the U.S. dollar held on to gains against the euro, with EUR/USD shedding 0.23% to trade at 1.2957.
Meanwhile, U.S. stock index futures remained higher. The Dow Jones Industrial Average futures pointed to a gain of 0.3% at the open, S&P 500 futures indicated a rise of 0.45%, while the Nasdaq 100 futures signaled a gain of 0.45%.