ISM Manufacturing PMI Rises To 47.2, Missing Analyst Expectations

On September 3, 2024, the Institute for Supply Management released ISM Manufacturing PMI report for August.

The report indicated that ISM Manufacturing PMI increased from 46.8 in July to 47.2 in August, compared to analyst consensus of 47.5.

The New Orders Index decreased from 47.4 in July to 44.6 in August, while Production Index decreased from 45.9 to 44.8.

The Institute for Supply Management commented: “Demand remains subdued, as companies show an unwillingness to invest in capital and inventory due to current federal monetary policy and election uncertainty.”

Today, traders also had a chance to take a look at the final reading of S&P Global Manufacturing PMI report. The report showed that S&P Global Manufacturing PMI declined from 49.6 in July to 47.9 in August, compared to analyst forecast of 48.

U.S. Dollar Index was flat as traders reacted to PMI data. Currently, U.S. Dollar Index is trying to settle below the 101.60 level. Treasury yields are moving lower, which is bearish for the American currency.

Gold settled near the $2485 level amid broad pullback in commodity markets. It remains to be seen whether PMI data will have a material impact on gold market dynamics.

SP500 pulled back towards the 5580 level as traders focused on the weaker-than-expected economic reports. Traders are worried that U.S. economy is slowing down.

For a look at all of today’s economic events, check out our economic calendar.