Metals PMI Readings Improve In August
- According to the IHS Markit Global Steel Users purchasing managers’ index (PMI), “The economic recovery among global steel users gathered pace in August … amid the strongest rate of new order growth seen since the end of 2017.” The overall index rose to a 30-month high of 53.1 in August, from 51.1 in July. Production levels were up sharply from July, while job numbers were stable after an 11-month run of contraction. On the negative side, input cost inflation rose to a 22-month high. The improvement was driven by stronger growth at Asian and U.S. steel users midway through the quarter. European users saw a renewed decline in performance.
- The IHS Markit Global Aluminum Users PMI rose from 51.3 in July to 53.0 in August, as output expanded at its fastest rate since July 2018 and employment stabilized. IHS Markit said, “Asian users drove the upturn in August, recording a solid improvement overall. Meanwhile, Europe and USA saw broadly stable conditions.”
- The IHS Markit Global Copper Users PMI rose to 52.8 in August, up from 51.1 in July and the rate of expansion was the fastest in more than two years. Output and new orders improved, the reading showed, and “employment stabilized after an eight-month run of decline.” Additionally, “Rising input demand and efforts to keep staff led to a sharp rate of cost inflation, with charges ticking up only marginally.”
- Click here to read other PMI readings from around the globe.