US: Markit Manufacturing PMI improves to 54.9 (preliminary) in January vs 53.5 expected

"Adjusted for seasonal influences, the IHS Markit Flash U.S. Manufacturing Purchasing Managers’ Index rose to 54.9 from 53.8 in December," the IHS Markit reported on Thursday.

Key takeaways from the press release

• The improvement in overall business conditions was driven by the fastest expansion of production since May 2018. 
• Survey respondents generally cited robust domestic demand, which more than offset a slowdown in export sales growth to its weakest for three months. 
• Latest data indicated that manufacturers are more confident about the 12-month business outlook than at any time since May 2018. 
• Strong demand for inputs and higher imported raw materials costs related to trade tariffs led to a strong rise in input prices.