US Markit flash manufacturing PMI edged lower in August

The US Markit manufacturing PMI fell modestly to 52.9 in the August flash estimate, against consensus expectations for an unchanged reading of 53.8. The details of the survey show modest decline in output (53.7, previous: 55.4) and new orders (54.7, previous: 55.0).

Elsewhere, the employment index fell to 52.2 (previous: 53.7). Export orders softened to 49.8 in July (previous: 51.3), and price pressures firmed ever so slightly for both inputs and outputs.

"The July flash estimate from the Markit survey confirms that the US manufacturing sector is likely to expand only modestly in Q3", says Barclays.