The US manufacturing sector expanded in August, with the rate of growth exceeding expectations and moving at the fastest pace in more than four years, an industry report showed on Thursday.
Financial data firm Markit said its preliminary or “flash” US Manufacturing Purchasing Managers Index rose to 58 in August, which was its highest since April 2010, from 55.8 in July.
A reading above 50 signals expansion in economic activity.
The output subindex jumped to 60.2 from last month’s 59.7.
US Manufacturing Index
Markit’s gauge of employment in the manufacturing sector rose to 54.6 from 51.2, and was at its highest since a matching 54.6 in March 2013.
Markit’s “flash” reading is based on replies from about 85 percent of the U.S. manufacturers surveyed.