US Manufacturing Contracts for Fifth Month as Orders and Production Decline

August sees modest improvement in employment but continued challenges with new orders and input costs.

Manufacturing PMI rose to 47.2 in August, indicating contraction for the fifth consecutive month.
New orders and production sub-indexes declined, with production at its lowest since May 2020.
Construction spending fell by 0.3% in July, impacted by high mortgage rates and supply issues.
Manufacturers reported mixed business activity, with some sectors experiencing growth while others faced declines.
Federal Reserve expected to cut interest rates by 25 basis points in September to support the economy.