US: Markit Manufacturing PMI Edges Lower to 60.5 in September vs. 62.5 Expected; Plastics Manufacturing Employment Outpaces U.S. Manufacturing; UK Economy Bounced Back by More Than Thought in Q2 Before Slowdown.
US: Markit Manufacturing PMI Edges Lower to 60.5 in September vs. 62.5 Expected
The economic activity in the US manufacturing sector continued to expand in September, albeit at a slower pace than it did in August, with IHS Markit’s Manufacturing PMI declining to 60.5 (preliminary) from 61.1. This reading came in slightly weaker than the market expectation of 62.5.
“New orders were reportedly driven by strong demand conditions,” the publication read. “Manufacturers expanded their workforce numbers at a steeper rate in September. Despite many firms noting challenges finding suitable candidates and retaining current employees, many were able to hire additional workers, often offering greater wages to entice staff.”
Source: FX Street.
Plastics Manufacturing Employment Outpaces U.S. Manufacturing
The Plastic Industry Association’s 2021 Size and Impact Report, which is released on an annual basis, provides a reference in terms of data on employment, capital expenditures, shipments and other specialized figures.
The plastics industry is the eighth largest industry in the United States, with 15,688 establishments excluding those who produce captive plastic products or supply goods and services to the plastics industry.
The report showed that over the last 23 years, plastics industry employment, real shipments and real value added fared better than manufacturing as a whole.
Source: Waste 360.
UK Economy Bounced Back by More Than Thought in Q2 Before Slowdown
Britain’s economy grew by more than previously thought in the April-June period before what looks like a sharp slowdown more recently as post-lockdown bottlenecks, including a shortage of truck drivers, mount.
Gross domestic product increased by 5.5% in the second quarter, the Office for National Statistics said, stronger than its preliminary estimate of growth of 4.8%. Manufacturing output rose by 1.8% in the second quarter, despite a shortage of microchips hurting car production. Food and beverage manufacturing performed strongly.