The preliminary estimate of the activity indicator from Markit, the PMI built, rose to 56.0 from 54.6, reaching the highest level in 27 months.
Rose to that level, despite decreasing unexpected in the manufacturing PMI which came in at 52.5, against the expectation of a repeat of 53.3. The rise was driven by the services sector which rose to 56.9, from 54.7, significantly above the reading expected of 54.9.
While the indicator for the manufacturing sector fell to a minimum in two months, the service rose to the highest level since in more than two years.
According to Rob Dobson, Director of Markit the acceleration indicates that the economy in general is still gaining momentum in the third quarter and stated that the main risk to export.
We will shortly publish the report of sale of new homes, and tomorrow will start the symposium at Jackson Hole, which gathers central bankers from around the world.