Overview

• U.S. manufacturing shrank for a sixth month in August as the ISM PMI rose to 48.7, while the new orders index unexpectedly expanded to 51.4.
• Factory cost pressures stayed elevated with ISM prices paid at 63.7, production slipped to 47.8, and survey responses pointed to layoffs and frozen capex.
• A U.S. appeals court ruled most tariffs illegal, and President Donald Trump said the administration will seek expedited Supreme Court review.
• Canada’s S&P Global manufacturing PMI improved to 48.3 yet marked a seventh month of contraction, with firms citing weak U.S. demand and rising input prices.
• Singapore’s official PMI ticked up to 50.0 as electronics reached 50.4 for a third month of expansion, and AI-related spending continued to bolster select factory segments.