The preliminary S&P Global US Manufacturing PMI (factory activity gauge) fell to 53.2 in August 2026 from 53.9 previously, below market expectations of 53.9. The reading indicated that manufacturing growth moderated to its weakest level since March, pressured by higher fuel costs, reduced inventory building, raw-material shortages linked to supply delays, high energy prices, squeezed supply lines and tariffs. Output growth slowed for a third consecutive month to its weakest pace since July last year, while new orders expanded at their slowest rate since March. Input purchases declined for the first time since February, weighing on the index, although longer supplier delivery times provided support despite a slight easing in delays. Employment rose modestly at its fastest pace since May. Input-cost inflation moderated for a third month but remained elevated by historical standards.