S&P Global revealed that The Purchasing Managers Index (PMI) combines the primary US manufacturing and service sectors. It dropped to 45.0 in August, the lowest level in 27 months, from 47.7 in July.
The PMI remains below 50, indicating the US business sector is in a contraction. It contracted for the second month in a row while being affected by a slowdown in new orders and employment. Although business confidence hit the highest level in three months.
The preliminary manufacturing PMI was 51.3, the lowest level in 25 months, from 52.2 in July.
The primary services PMI was at 44.1, the lowest level in 27 months, from 47.3 in July.
