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Markit Factory Index in U.S. Fell to 51.1 in October From 52.8

Oct. 24 (Bloomberg) -- The Markit Economics preliminary index of U.S. manufacturing decreased to 51.1 in October from a final reading of 52.8 at the end of the previous month, the London-based group said today.

The median forecast in a Bloomberg survey of 17 economists called for a drop to 52.5, with estimates ranging from 50 to 54. A reading greater than 50 for the purchasing managers’ figure corresponds to expansion.

The Markit purchasers’ measure is based on replies from 85 percent to 90 percent of companies in a poll of more than 600 American manufacturers.

China’s manufacturing strengthened more than forecast this month, a sign the recovery is gaining momentum even as leaders struggle with surging home prices and local-government debt. The preliminary 50.9 reading for a Purchasing Managers’ Index released today by HSBC Holdings Plc and Markit Economics compared with a 50.4 median estimate from analysts surveyed by Bloomberg.

In Europe, the pace of manufacturing was little changed. Markit’s index of euro-area factory output increased to 51.3 this month from 51.1 at the end of September.

To contact the reporter on this story: Ben Schenkel in Washington at bschenkel@bloomberg.net

To contact the editor responsible for this story: Chris Wellisz at cwellisz@bloomberg.net

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