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US DATA: Mfg PMI Sees Softer Employment But Firmer Price Pressures In August

US DATA
  • S&P Global US mfg PMI was revised a little lower to 47.9 (cons 48.1, prelim 48.0) in the final August print after 49.6 in July.
  • The PMI press release details softer demand and employment but firmer price pressures:
  • “Demand for inputs was scaled back in response to lower new orders, leading to a first shortening of supplier lead times for three months. The pace of input cost inflation quickened to a 16-month high, however, with output prices also rising at a faster pace.”
  • “As was the case with production, manufacturers saw a renewed decline in employment midway through the third quarter. Staffing levels decreased for the first time in 2024 so far, reflecting falling new orders and lower output requirements.”
  • Full report here whilst attention remains more firmly on the ISM manufacturing survey released shortly. 
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