US manufacturing PMI exceeded expectations in August

By Gokhan Ergocun

ISTANBUL (AA) - The US manufacturing Purchasing Managers' Index (PMI) exceeded market expectations in August, rising 3.5 points to reach 53.3, hitting the highest level in 39 months.

S&P Global shared preliminary PMI data for manufacturing, services, and composite sectors in the US.

The index, which indicates expansion in the manufacturing sector and exceeded market expectations, was expected to reach 49.7.

The US service sector PMI fell by 0.3 points month-on-month to 55.4 in August.

Despite the decline during this period, the index, which exceeded market predictions, was expected to reach 54.2.

The composite PMI, which covers the manufacturing and services sectors, increased by 0.3 points on a monthly basis in August, reaching 55.4.