The United States’ manufacturing sector is growing at its strongest rate in nine months, according to the Markit flash PMI result for July.
Dow Jones reports that the result of 52.9 beat an average prediction of 51.9 by economists polled by The Wall Street Journal, as well as June’s PMI of 51.3. It was, according to Markit, largely driven by domestic markets.
Any result over 50 indicates expansion.
“July saw manufacturers battle against a strong dollar, the ongoing energy sector downturn and political uncertainty ahead of the presidential election, yet still achieved the best growth seen since last year,” chief economist at Markit, Chris Williamson, explained in a statement.