U.S. industrial growth rate reaches high level: Report

U.S. industrial growth rate reaches high level: Report

HOUSTON (Rahnuma): The U.S. Purchasing Managers’ Index (PMI) survey for August highlighted a sharp output expansion for the industrial sector, and the growth rate accelerated to one of the fastest since March 2015, according to data released by the IHS Markit on Monday.

Other than the industrial sector, the PMI data revealed that the consumer goods sector also indicated quicker output expansion.

Meanwhile, healthcare firms showed strong output growth, extending the current sequence of expansion to nine months. The rate of the latest upturn was the second fastest since January 2017.

The technology and financial sectors, however, reported a softer pace of output growth. The growth rate for the former was the weakest in five months.

At the same time, the data indicated a loss of momentum in both the basic materials and consumer services sectors. Expansion among the latter eased to a marginal rate that was the slowest in 14 months.

IHS Markit is a global company in critical information, analytics and solutions for the major industries and markets that drive economies worldwide.

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