World Business NewsA round up of the latest news for those doing business internationally
Factories report fast growth in US as economy lifts
Zone(s): USA ¦ Sector(s): Manufacturing, Economy
[24 June 2014, CITY A.M.] US manufacturers are reporting the fastest expansion in four years, adding to the perception that the country’s growth is increasingly picking up strength. Markit’s purchasing managers’ index (PMI) for the sector hit 57.5, the highest seen since April 2010. Output, new orders, employment and backlogs of work all increased from May, and picked up speed. Cost inflation also hit the highest level since the very beginning of the year, according to Markit. Factory gate prices also rose for the first time in 2014, adding to the view that the recovery is prompting an inflationary uptick.