US: Markit Manufacturing PMI notches new series high of 62.6 in June

• US Markit Manufacturing PMI continued to rise in June.
• US Dollar Index remains on the back foot after the data.

The IHS Markit's Manufacturing PMI for the US rose to 62.6 (preliminary) in June from 62.1 in May and notched a new series high. This reading came in better than the market expectation of 61.4 and showed that the business activity in the manufacturing sector continued to expand at an unprecedented pace.

Additional takeaways

"Rates of output and new order growth remained well above their respective series averages."

"Despite a substantial rise in backlogs of work, employment growth slowed in June as firms struggled to find staff or entice workers back to employment."

"Amid worsening vendor performance, input prices soared once again at the end of the second quarter."

"The rate of input cost inflation accelerated to a fresh series record amid broad-based raw material price hikes."

Market reaction

The US Dollar Index edged lower following this report and was last seen losing 0.15% on a daily basis at 91.57.