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US: Manufacturing PMI at lowest level since July 2020

US manufacturing activity slowed further in August as the economy continues to grapple with the shocks of a rally in inflation and aggressive rate hikes by the Federal Reserve.

In particular, the manufacturing PMI fell to 51.5 points in August, slightly better than the initial reading of 51.3 points, but lower than the reading of 52.2 points in July, S&P Global announced today.

This is the lowest reading since July 2020.

“U.S. factory output fell for a second month in a row in August, with demand for goods having now fallen for three straight months amid the continued impact of rallying inflation, supply disruptions, rising interest rates and increased economic uncertainty on the economic outlook,” commented Chris Williamson, chief economist at S&P Global Market Intelligence.

Source: Capital

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