Manufacturing growth rebounds in November to 10-month high: Markit
U.S. manufacturing growth rebounded from a one-year low in November, while factory output grew at its fastest pace in 20 months, an industry report showed on Monday.
Financial data firm Markit said its final U.S. Manufacturing Purchasing Managers Index rose to 54.7 from 51.8 in October, which had been a one-year low. November's reading was the highest for the index since January, and stronger than the preliminary reading October of 54.3.
A reading above 50 indicates expansion.
The rebound in the main index from its October level, which was negatively impacted by the 16-day partial U.S. government shutdown, came amid faster growth in output and new work intakes.
Output grew at its fastest clip since March 2012 after nearly flat-lining in October. The subindex jumped to 57.4 from 50.6 and was stronger than the preliminary 57.1 reading.
New orders rose at the fastest pace since January, with a final reading of 56.2 beating both a preliminary November figure of 54.9 and the final reading of 52.7 in October.
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"Large companies are leading the upturn, having escaped the impact of the shutdown, with output and new orders growth rending higher in recent months," said Markit chief economist Chris Williamson.
Still, the employment subindex fell below October's reading, though it was higher than the preliminary November level.