The Institute for Supply Management reported that manufacturing activity in the United States expanded for the eighth consecutive month in August.
The Institute for Supply Management reported that manufacturing activity in the United States expanded for the eighth consecutive month in August. The headline ISM gauge of manufacturers sentiment fell to 54.6% in August, down from 55.6% in July. This figure missed market expectations of 55.2% and represents the second-highest level in four years. Manufacturers reported rising costs, supply-chain disruptions, and heightened uncertainty due to tariffs and the Middle East conflict. The Manufacturing PMI Price component remained elevated at 71.1. The Supplier Deliveries Index rose to 59.3, indicating increased supply-chain delays. The Backlog of Orders Index fell sharply to 51.8 from 55 in July. Production growth remained stable at 58.3, while employment growth eased to 51.2 from 52.8 in July. Construction spending in the United States fell 0.5% month-over-month in July to a seasonally adjusted annual rate of $2,158 billion. Residential construction spending fell 1.3% sequentially, with single-family construction spending down 6.5% on a year-over-year basis.
Sources
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Manufacturers are getting frustrated: ‘The economy is annoying’
MarketWatch
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TheStreet Pro