U.S. August Markit Manufacturing PMI unexpectedly hits a three-year high
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On Thursday, August 21, S&P Global announced that driven by stronger demand, the U.S. manufacturing PMI expanded at the fastest pace in over three years, while also intensifying ongoing inflationary pressures.
The preliminary data for the U.S. Markit PMI in August is as follows, with 50 being the dividing line between expansion and contraction:
The preliminary value of the U.S. August Markit Manufacturing PMI is 53.3, the highest level since May 2022, with an expectation of 49.7 and a previous value of 49.8.
The preliminary value of the U.S. August Markit Services PMI is 55.4, with an expectation of 54.2 and a previous value of 55.7.
The preliminary value of the U.S. August Markit Composite PMI is 55.4, with an expectation of 53.5 and a previous value of 55.1.
Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, stated:
Companies are increasingly passing on the rising costs from tariffs to customers, thereby enhancing pricing power.
After the release of the U.S. PMI data, the dollar index rose sharply, gaining 0.22% intraday.
