The S&P Global US Manufacturing PMI eased to 53.2 in August 2026 from 53.9 prevously, undershooting market expectations of 53.9, according to the preliminary estimate. The latest reading pointed to a moderation in manufacturing activity, with growth at its weakest since March, held back by higher fuel costs, reduced inventory building and raw material shortages linked to supply delays. Production growth slowed for a third consecutive month, reaching its weakest pace since July last year. New orders held up better but also lost momentum, expanding at their slowest rate since March. Input purchases fell for the first time since February, weighing on the PMI, while longer supplier delivery times provided support despite a slight easing in delays. Employment also contributed positively, with factory payrolls rising modestly at the fastest pace since May.