U.S. manufacturers continued to expand in August but the pace of growth tapered off to the slowest rate since October 2013, the privately run firm Markit said Friday.
The Markit flash Purchasing Managers' Index dipped to 52.9 from 53.8 in July.
Readings over 50 indicate that more manufacturers are growing instead of contracting. Some companies said the growth outlook at become more cloudy, partly because of a stronger dollar that's hurting exports.
As a result, Markit said, companies are taking a more cautious stance on hiring new workers.
