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Economic Report: Manufacturing gauge eases in August from nine-month high

Bloomberg

A factory worker at the Toyota Industrial Equipment Manufacturing Inc. facility in Columbus, Indiana

A reading of manufacturing sentiment was softer in August after hitting its highest level in nine months in July, according to data released Tuesday.

The flash manufacturing purchasing managers index from Markit fell to a reading of 52.1 this month from 52.9 in July.

“Taking the July and August readings together suggests that manufacturing is enjoying its best growth so far this year in the third quarter, and should help drive stronger GDP growth,” said Chris Williamson, chief business economist at IHS Markit.

While output showed a solid increase in August, slower growth in total new work and employment, along with further cuts in inventories, dampened the overall headline, Markit said.

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