Investing.com - Manufacturing activity in the U.S. expanded at a faster pace than initially expected in November, hitting a 10-month high, revised data showed on Monday.
In a report, market research group Markit said that its final U.S. manufacturing purchasing managers’ index inched up to a seasonally adjusted 54.7 in November, up from a preliminary reading of 54.3 and compared to 51.8 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 that “The average PMI reading so far in the fourth quarter is unchanged on the average seen in the third quarter and the survey is consistent with production growing at an annualized rate of approximately 2.5%.”
Following the release of the data, the U.S. dollar held on to gains against the euro, with EUR/USD shedding 0.35% to trade at 1.3543.
Meanwhile, U.S. stock index futures pointed to a modestly higher open. The Dow Jones Industrial Average futures pointed to a gain of 0.05%, S&P 500 futures indicated a rise of 0.05%, while the Nasdaq 100 futures signaled an increase of 0.2%.
In a report, market research group Markit said that its final U.S. manufacturing purchasing managers’ index inched up to a seasonally adjusted 54.7 in November, up from a preliminary reading of 54.3 and compared to 51.8 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 that “The average PMI reading so far in the fourth quarter is unchanged on the average seen in the third quarter and the survey is consistent with production growing at an annualized rate of approximately 2.5%.”
Following the release of the data, the U.S. dollar held on to gains against the euro, with EUR/USD shedding 0.35% to trade at 1.3543.
Meanwhile, U.S. stock index futures pointed to a modestly higher open. The Dow Jones Industrial Average futures pointed to a gain of 0.05%, S&P 500 futures indicated a rise of 0.05%, while the Nasdaq 100 futures signaled an increase of 0.2%.