Investing.com – Activity in the US manufacturing sector increased slightly in March, according to preliminary data released on Tuesday.
In a report, market research group Markit said that its flash manufacturing PMI for March inched forward to 51.4 from the prior month’s final reading of 51.3, missing expectations for a reading of 51.8.
On the index, a reading above 50.0 indicates expansion, below indicates contraction.
Markit chief economist Chris Williamson noted that U.S. factories continued “to endure their worst spell for three and a half years.”
“While some comfort might be drawn from the marginal rise in the PMI compared to February, the rate of growth remains worryingly weak and the lack of a stronger rebound is a disappointment, given that many companies reported bad weather to have hit activity in the first two months of the year,” he added.
The US dollar index, which tracks the greenback against a basket of six major rivals, was at 95.52, compared to 95.58 ahead of the report.
Meanwhile, U.S. stocks were trading lower after the open. The Dow 30 fell 83 points or 0.45%, the S&P 500 traded down 10 points or 0.49% and the tech-heavy NASDAQ Composite lost 20 points or 0.41%.
Elsewhere, in the commodities market, gold futures traded at $1,256.60 a troy ounce, compared to $1,253.40 ahead of the data, while crude oil traded at $40.97 a barrel from $40.95 earlier.