US ISM Manufacturing PMI rose from 46.4 to 47.6 in August. New orders dropped from 47.3 to 46.8. Production rose from 48.3 to 50.0. Employment rose from 44.4 to 48.5. Prices rose from 42.6 to 48.4.
ISM said: “This is the 10th month of contraction and continuation of a downward trend that began in June 2022. That trend is reflected in the Manufacturing PMI’s 12-month average falling to 47.8 percent. Of the five subindexes that directly factor into the Manufacturing PMI, none are in growth territory.”
“The past relationship between the Manufacturing PMI and the overall economy indicates that the August reading (47.6 percent) corresponds to a change of minus-0.4 percent in real gross domestic product (GDP) on an annualized basis.”
