The ISM Manufacturing PMI fell to 54.6 in August 2026 from July’s near four-year high of 55.6, below market expectations of 55.2. The reading nevertheless marked the eighth consecutive month of expansion in manufacturing activity, although growth moderated as new orders slowed sharply to 53.7 from 56.7. Production growth was broadly stable at 58.3, compared with 58.5 in July, while employment growth eased to 51.2 from 52.8, pointing to a softer pace of job creation in the sector.