August S&P Manufacturing PMI Shows Improvement, Reaching Best Level Since May 2022

August S&P Manufacturing PMI

• 📊 The final S&P manufacturing PMI for August came in at 53.0, slightly down from the mid-month estimate of 53.3.
• 📈 This reading indicates a continued expansion in the manufacturing sector, with 53.0 being the best performance since May 2022.

Manufacturing Sector Trends

• ⚠️ Despite the positive final read, the August PMI is a jump from the July final read of 49.8, which marked the first contraction (under 50) of the year.
• ⚡ The data suggests renewed life in the manufacturing side, though the sector's performance can be jumpy.

Economic Data Context

• 🔍 The S&P manufacturing PMI is the first of two key economic data releases for the hour, with the ISM manufacturing report expected next.
• 📈 Bond yields have come down since briefly trading above 430 in the 10-year, though the entire curve remains higher than Friday's closing levels.
• 📌 The 10-year yield has not closed above 430 since August 21st.