America’s manufacturing sector activity shot up to a 39-month high in August, driven by a surge in domestic and export demand for U.S. factory goods, boosting hiring while putting upward pressure on production costs and selling prices.
S&P Global reported on Aug. 21 that overall U.S. business activity—including both manufacturing and services—grew at its fastest pace so far this year in August, pushing job creation to one of its highest rates in three years as businesses rushed to hire workers to meet soaring demand.
“Companies across both manufacturing and services are reporting stronger demand conditions, but are struggling to meet sales growth, causing backlogs of work to rise at a pace not seen since the pandemic-related capacity constraints recorded in early 2022,” Chris Williamson, chief business economist at S&P Global Market Intelligence, said in a statement….