Markit Manufacturing PMI rises to 59.2 (final) in January from 57.1

Markit Manufacturing PMI in US continued to rise in January.
US Dollar Index clings to strong gains a little below 91.00.

The IHS Markit’s Manufacturing PMI for the US rose to 59.2 (final) in January from 57.1 in December to show an ongoing expansion in the manufacturing sector’s economic activity at a strengthening pace. This reading came in slightly higher than the flash estimate and the market expectation of 59.1.

Commenting on the data, “demand from both domestic and export customers picked up sharply in January, buoyed by several driving forces,” noted Chris Williamson, Chief Business Economist at IHS Markit. “Consumer demand has improved while businesses are investing in more equipment and restocking warehouses, preparing for better times ahead as vaccine roll outs allow life to increasingly return to normal over the course of 2021.” 

Market reaction

The US Dollar Index showed no immediate reaction to this report and was last seen gaining 0.32% on a daily basis at 90.86.