- The US Markit manufacturing PMI fell back in August.
- Services PMI falls from 59.9 to 55.2.
Economic activity in the US manufacturing sector continued to expand in August, albeit at a slower pace than in July, with the IHS Markit Manufacturing PMI decreasing to 61.2 (preliminary) from 63.4. This reading was worse than the market expectation of 62.8.
The service index it dropped from 59.9 to 55.2, well below the expected reading of 59.
Commenting on the data, Chris Williamson, chief economist at IHS Markit explained that not only have supply chain delays reached a new record high in surveys, but the August survey saw growing frustrations related to hiring. He added that job growth fell to the lowest level since July last year, as companies did not find suitable staff or existing workers changed jobs.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
