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Markit Economics released its preliminary manufacturing purchasing managers' index (PMI) for the U.S. on Thursday. The U.S. preliminary manufacturing purchasing managers' index (PMI) fell to 54.2 in April from 55.7 in March, missing expectations for a decline to 55.6.
A reading above 50 indicates expansion in economic activity.
The Markit Chief Economist Chris Williamson said that "key to the slowdown was a weakening of export orders, in turn a symptom of the loss of competitiveness arising from the dollar's strength".
He added that domestic demand remained robust.
The preliminary new orders index slid to 55.4 in April from 57.2 in March.
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