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The U.S. manufacturing purchasing managers’ index is the lowest it has been in 2 years in August

S&P Global reported that the final U.S. manufacturing Purchasing Managers’ Index (PMI)fell to 51.5 in August, the lowest level in two years or since July 2020, down from 52.2 in the previous month of July but higher than the initial reading of 51.3.

The PMI was hit by a sharp decline in new orders, which fell for three consecutive months, and a slowdown in employment. However, business confidence rose again to its highest level in 3 months.

However, the PMI remained above 50, indicating an expansion of the manufacturing sector in the U.S.

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