Investing.com - U.S. manufacturing activity expanded at a slower rate than expected in January, preliminary data showed on Thursday.
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In a report, market research group Markit said that its preliminary U.S. manufacturing purchasing managers’ index declined to a seasonally adjusted 54.3 this month from a final reading of 55.0 in December. Analysts had expected the index to hold steady at 55.0 this month.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
Commenting on the report, Chris Williamson, Chief Economist at Markit said that “Output looks to be growing at an underlying rate of 2% per quarter, which is generating ongoing robust job creation of around 10,000 per month.”
Following the release of the data, the U.S. dollar added to losses against the euro, with EUR/USD rising 0.9% to trade at 1.3669, compared to 1.3663 ahead of the data.
Meanwhile, U.S. stock futures pointed to a lower open. The Dow Jones Industrial Average futures pointed to a loss of 0.65% at the open, S&P 500 futures dipped 0.6%, while the Nasdaq 100 futures indicated a downtick of 0.45% at the open.