US ISM Manufacturing Index rose to 56.0 in August, up from 54.2, beat expectation of 54.0. That’s also the highest level of expansion since November 2018. Five of the big six industry sectors expanded. Looking at some details, new orders rose 6.1 pts to 67.6. Production rose 1.2 pts to 63.3. Prices jumped 6.3 to 59.5. Employment rose 2.1 to 64.6, but stayed contractionary.
Timothy Fiore, Chair of the ISM Manufacturing Business Survey Committee: “Demand and consumption continued to drive expansion growth, with inputs representing near- and moderate-term supply chain difficulties… Impacted by the current economic environment, many panelists’ companies are holding off on capital investments for the rest of 2020.”
