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US DATA: Sizeable Upward Revisions For S&P Global US PMIs But Softer Details

US DATA
  • Services PMI: 55.7 (cons 55.1, prelim 55.2) in Aug after 55.0 in July.
  • Composite PMI: 54.6 (cons 54.0, prelim 54.1) in Aug after 54.3 in July. 
  • “Growth strengthened in the US service sector during August. Business activity rose at the fastest pace in almost two-and-a-half years amid stronger new order inflows.”
  • Softer employment metrics, of note for the Fed: “Less positively, however, employment decreased following two months of job creation. […] The reduction in staffing levels was only modest, however. Respondents often reported that leavers had not been replaced, mostly due to cost considerations.”
  • Further sharp increases in inputs costs but pace of charge inflation softest since January: “Indeed, companies continued to report sharp increases in input prices during the month, with the rate of inflation remaining above the series average despite easing slightly from July. Salary pressures remained a factor pushing up input costs, while higher charges from suppliers were also widely reported. Output prices continued to be raised in order to pass on higher input costs to customers, although there were some reports of discounting to help secure sales. As a result, the pace of prices charged inflation eased for the third month running in August and was the softest since January.”
  • Full press release: https://www.pmi.spglobal.com/Public/Home/PressRelease/287f9b41c1c04672a6a3e3e778553fc6e 

 

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