US ISM Manufacturing PMI rose from 59.5 to 59.9 in August, above expectation of 58.6. Looking at some more details, new orders rose from 64.9 to 66.7. Production rose form 58.4 to 60.0. However, employment dropped from 52.9 to 49.0. Prices dropped from 85.7 to 79.4.
ISM said: “The past relationship between the Manufacturing PMI and the overall economy indicates that the Manufacturing PMI for August (59.9 percent) corresponds to a 4.8-percent increase in real gross domestic product (GDP) on an annualized basis.”
