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| US manufacturing activity gains, ISM survey shows | US manufacturing activity gains, ISM survey shows |
| (35 minutes later) | |
| US manufacturing activity gained after three months of contraction, according to the Institute for Supply Management's monthly survey. | US manufacturing activity gained after three months of contraction, according to the Institute for Supply Management's monthly survey. |
| The index gained to 51.5 last month, from 49.6 in August, driven by a jump in new orders. A reading above 50 signals growth. | The index gained to 51.5 last month, from 49.6 in August, driven by a jump in new orders. A reading above 50 signals growth. |
| The data sent the benchmark Dow Jones industrial average higher. | The data sent the benchmark Dow Jones industrial average higher. |
| The data came as other surveys showed weak manufacturing readings for Europe, the UK and China. | |
| The ISM survey "will boost hopes that some of the recent slowdown in economic growth was just a summer phenomenon", said Paul Dales, an economist at Capital Economics. | The ISM survey "will boost hopes that some of the recent slowdown in economic growth was just a summer phenomenon", said Paul Dales, an economist at Capital Economics. |
| Contrasting pictures | Contrasting pictures |
| But a separate survey by Markit suggested manufacturing activity fell to a three-year low in September. | But a separate survey by Markit suggested manufacturing activity fell to a three-year low in September. |
| The Markit purchasing managers' index (PMI) for manufacturing activity fell to 51.1 from 51.5 in August, indicating that growth in the sector is slowing. | The Markit purchasing managers' index (PMI) for manufacturing activity fell to 51.1 from 51.5 in August, indicating that growth in the sector is slowing. |
| The PMI measure for the third quarter was also at a three-year low. | The PMI measure for the third quarter was also at a three-year low. |
| Markit chief economist Chris Williamson said the US PMI reading indicated weakness in the sector was likely to be affecting the wider economy. | Markit chief economist Chris Williamson said the US PMI reading indicated weakness in the sector was likely to be affecting the wider economy. |
| "Economic growth... looks to have slowed further from the 1.3% annualised rate seen in the second quarter, possibly even stagnating," he said. | "Economic growth... looks to have slowed further from the 1.3% annualised rate seen in the second quarter, possibly even stagnating," he said. |
| Weak overseas demand saw new orders for exports slip at their fastest rate in 11 months. | Weak overseas demand saw new orders for exports slip at their fastest rate in 11 months. |
| Earlier, eurozone PMI figures had shown that the downturn in the manufacturing sector there had eased slightly in September. | Earlier, eurozone PMI figures had shown that the downturn in the manufacturing sector there had eased slightly in September. |