US S&P Global Manufacturing PMI Final (Aug) 53.9 vs. Exp. 53.2 (Prev. 53.9)

"Data covering most of the second quarter and the period to August indicated that stock building was a key driver of sustained growth in manufacturing output and demand. Moreover, both output and new order growth slowed in August amid concerns that further price rises and material shortages would weigh on the sector." "Business expectations for output over the year ahead improved from July to a threemonth high, partly reflecting hopes for an end to the war and a smoother domestic policy path. Firms also noted that greater stability in conditions were likely to support business expansion and customer retention plans. In response, businesses raised employment at the strongest rate seen so far this year.”