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Economy

Markit PMI Sinks to Worst Reading of the Year

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By Jon C. Ogg Published
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Right before 9:00 a.m. EST on Friday we saw that the Markit Purchasing Managers Index for October fell to 51.8 from 52.8 in September. The good news is that the number was better than the flash PMI reading of 51.1. The bad news is that this was still the worst official reading of 2013.

Yesterday’s Chicago PMI was a better reading, and this sets up a mixed tone for manufacturing data from the ISM for October at 10:00 a.m. EST on Friday. Bloomberg has a consensus of 55.0 for the broader and more followed ISM manufacturing reading, which would be down from the 56.2 reading in September.

Basic comments from Markit are as follows:

  • PMI signals only modest improvement in business conditions
  • Output growth joint-weakest for over four years
  • New orders increase at slowest pace since April
  • Rate of job creation quickens
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Photo of Jon C. Ogg
About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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