The seasonally adjusted S&P Global U.S. Manufacturing Purchasing Managers’ Index (PMI) in August was 51.5, declining 0.9 points from July. Manufacturers cited inflation and a drop in demand contributing to the decrease in production.
The PMI index is composed of five sub-indices tracking changes in new orders, output, employment, suppliers’ delivery times and stocks of raw materials. A reading above 50 indicates growth. IHS Markit and S&P Global merged earlier this year. See S&P Global