U.S. manufacturing recorded its strongest pace of growth in more than three years in August, according to S&P Global, even as a separate survey from the Institute for Supply Management (ISM) underscored lingering weakness in production and employment.
S&P Global’s manufacturing purchasing managers’ index rose to 53, its highest reading since May 2022, the group announced on Sept. 2. The reading signals a solid expansion in factory activity after a period of uneven performance.
“US manufacturing was running hot over the summer,” Chris Williamson, chief business economist at S&P Global Market Intelligence, said in a statement. “The past three months have seen the strongest expansion of production since the first half of 2022, with the upturn gathering pace in August amid rising sales.”…