The Markit Economics preliminary index of U.S. manufacturing increased to 53.2 in July from a final reading of 51.9 a month earlier, the London-based group said today.
The median forecast in a Bloomberg survey of 16 economists called for a gain to 52.6. Estimates ranged from 51 to 53.8. A reading greater than 50 for the purchasing managers’ measure indicates expansion. Markit’s purchasers figure is based on replies from 85 percent to 90 percent of those American manufacturers who respond to a poll of the more than 600 companies.
The measure follows reports last week that showed industrial production climbed in the U.S. in June, while manufacturing in the New York and Philadelphia regions expanded more than forecast this month. The Markit gauge of U.S. manufacturing debuted in May 2012, and the company surveys purchasing managers in more than 30 countries and regions, which also include Europe and China.
Manufacturing in the 17-nation euro area expanded in July for the first time in two years, led by Germany, Markit figures showed today. The encouraging news from Europe contrasted with China, where manufacturing weakened more than forecast, a separate Markit report showed.