US manufacturing PMI falls to 8-month low

By Ovunc Kutlu

ISTANBUL (AA) - The US Manufacturing Purchasing Managers’ Index (PMI) declined in August to its lowest in eight months, global data provider S&P Global said Thursday in a report.

The index, which measures the activity level of purchasing managers in the manufacturing sector, lost 1.6 points to 48.0 in August from 49.6 in July, according to initial figures.

The expectation for the index was to come in at 49.5. A reading above 50 indicates expansion and below 50 shows contraction.

"Manufacturing output declined in August at its fastest rate in 14 months," said S&P Global.

"The cooling job market in manufacturing was driven by growing concerns about the business outlook," it added.