WASHINGTON, MarketWatch (24/10)
- The preliminary reading of Markit's U.S. flash manufacturing
purchasing managers index slipped to 51.1 in October from 52.8 in
September, the lowest level for a year. Readings above 50 indicate
expansion and the PMI in October signals only modest manufacturing
growth.Economists had generally expected little
change in the index. Chris Williamson, chief economist at Markit,
blamed the federal government shutdown for the pullback, saying 'the
disruptions and uncertainty caused by the crisis hit companies hard.' In
October, output contracted for the first time since September 2009. New
order growth was the weakest in six months. On the other hand, there
was a modest rise in employment.
