US manufacturing growth is still only plodding along and platinum prices are at their lowest since 2009 thanks, in part, to the Volkswagen emissions scandal.
Markit PMI Still Barely Positive
US manufacturing activity remains at a nearly 2-year low this month, and job creation in the sector has slowed. Markit‘s purchasing managers’ index registered 53, indicating sluggishness due in part to the strong dollar and suggesting “the sector will have acted as a drag on the economy in the third quarter,” Markit Chief Economist Chris Williamson told Reuters.
Any reading above 50 indicates expansion in the sector.
Platinum Near a 7-Year Low
The price of platinum, widely used in diesel car engines, could fall below $900 am ounce for the first time since the financial crisis in the wake of the emissions scandal at Volkswagen AG, according to some metals investors and analysts.
Spot platinum fell heavily on Tuesday and nearly hit a 7-year low on Wednesday at $929.08 an ounce, before recovering slightly to $932.25, as some questioned whether the affair would have a lasting effect on demand for diesel cars.