U.S. manufacturing PMI lower than initial estimates

On Tuesday, Markit reported that its final U.S. manufacturing PMI gained 0.1 point in August and reached 51.5. This is lower than initial estimates of 51.9 and indicates only a slight improvement in manufacturing business conditions in the U.S. Although it is still up from July's 51.4, the reading was one of lowest since October 2009, when recovery in manufacturing sector was first indicated.