US Manufacturing Surveys Surged In August As New Orders Jumped

After tumbling in July, expectations for August's US Manufacturing surveys were optimistic (with both ISM and S&P Global both expected to tick higher, though the former expected to remain in contraction).

• S&P Global's US Manufacturing PMI rose dramaticallyfrom 49.8 in July to 53.0 in August (down very marginally from its preliminary print of 53.3) - the strongest in over three years
• ISM's US Manufacturing PMI rosefrom 48.0 in July to 48.7 in August (below the 49.0 expected)

And both of these increases in 'soft' survey data come as hard data has disappointed...

Under the hood of the ISM data, we see prices falling significantly, nmew orders jumping, but employment remaining significantly weaker(as we suggested will happen)...

Purchasing managers reported that the US manufacturing was running hot over the summer,according to Chris Williamson, Chief Business Economist at S&P Global Market Intelligence.