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Markit Economics released its preliminary manufacturing purchasing managers' index (PMI) for the U.S. on Wednesday. The U.S. preliminary manufacturing purchasing managers' index (PMI) remained unchanged at 53 in September, in line with expectations. It is the lowest level since October 2013.
A reading above 50 indicates expansion in economic activity.
Higher expansion in output was offset by slower pace of expansion in new orders and employment.
"Manufacturing remained stuck in crawler gear in September, fighting an uphill battle against the stronger dollar, slumping demand in many export markets and reduced capital spending, especially by the energy sector," Markit Chief Economist Chris Williamson.
"The sluggish growth, weaker forward-looking indicators and downturn in price pressures all point to the Fed holding off with rate hikes until next year," he added.
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