Subscriber Comment of the Day
From Neil The Real Deal:
nsethi9999
US S&P Global Composite PMI: 56.0 (est 54.0; prev 54.5)
— Manufacturing PMI Aug P: 53.2 (est 53.9; prev 53.9)
— Services PMI: 56.8 (est 54.0; prev 54.6)
https://neilsethi.substack.com/p/us-s-and-p-flash-pmi-august-2026
Executive Summary:
- The August US flash Composite PMI Output Index surged +1.5pts to a 52-month high of 56.0, the fastest growth since April 2022 and a notable beat vs. the 54.0 estimate, marking a second successive month of sharp acceleration. However the leadership continues to shift, with services now in the driver’s seat as manufacturing eases for a second month due to “reduced safety stock building and supply delays.”
- Services jumped +2.2pts to 56.8 — a 20-month high (the highest since December 2024) and a big beat vs. the 54.0 estimate — as it “revived from the sluggish pace reported in the second quarter,” while manufacturing edged down -0.7pts to 53.2 — a 5-month low and a miss vs. the 53.9 estimate , although still “remaining among the highest readings seen over the past four years.”
- “US business is booming, with firms reporting the fastest output growth for over four years so far in the third quarter as the expansion picked up further momentum in August. The survey data for the third quarter are currently pointing to annualized growth approaching 3.0%, up solidly from the 1.5% pace seen in the second quarter.”
Position: None
