Manufacturing growth falls in Aug on Covid curbs, rising input costs

Factory activity lost momentum in August as Covid-induced curbs and rising input costs weighed on demand, forcing firms to put hiring on hold, showed a private survey on Wednesday, a day after the GDP data showed robust manufacturing growth in the June quarter.
IHS Markit purchasing managers’ index (PMI) for manufacturing fell to 52.3 in the month from 55.3 in July. A reading above 50 indicates expansion and one below that shows contraction. PMI was 48.1 in June. Employment levels were broadly stagnant in August as companies had sufficient staff to cope with current requirements and confidence remained subdued.