U.S. Markit PMI in December at 11-month high

U.S. Markit PMI in December at 11-month high

A gauge of U.S. manufacturing hit an 11-month high in December, up from a preliminary monthly estimate, signaling a pick up in activity, Markit reported Thursday . December's reading for the manufacturing purchasing managers' index hit 55, up from a prior estimate of 54.4 and November's level of 54.7. Readings above 50 indicate expansion, with higher readings signaling faster expansions. "Most encouraging is the fact that growth is being led by rising demand for investment goods such as plant and machinery. This tells us that business spending is picking up on the back of rising confidence, which adds to the sense that the recovery is being more self-sustaining," said Chris Williamson, Markit's chief economist. Output and employment expanded at a faster rate in December than in November, according to Markit.