Global PMI Monitor Manufacturing Employment Rises in Europe

Economics Research 21 August 2026 | 2:07PM EDT

Global PMI Monitor: Manufacturing Employment Rises in Europe

n DM trends: Sarah Dong | Goldman Sachs & Co. LLC o The DM composite flash PMI rose by +0.8pt to 54.1 in August, reflecting a rise in services (+1.2pt to 54.1) but unchanged manufacturing (flat at 53.2). o European manufacturing employment improved notably in August. n Country-level trends: o The manufacturing flash PMI rose by +0.9pt to 52.8 in the Euro area and fell by -0.7pt to 53.2 in the US. o The services flash PMI rose by +2.2pt to 56.8 in the US and fell by -0.6pt to 51.9 in Australia. n Activity components: o The DM flash forward-looking component ticked down for both manufacturing (orders-to-inventories ratio -0.01 to 1.10) and services (future activity component -0.4pt to 61.5). o The composite flash employment PMI rose by +2.1pt to 53.0 in the US and fell by -0.9pt to 51.4 in Australia. n Inflation-related components: o Manufacturing suppliers’ delivery times remained elevated across major DMs in August (DM average -0.1pt to 42.1). o The DM input price PMI fell by -1.5pt to 66.4 for manufacturing and by -1.6pt to 61.1 for services; the DM output price PMI fell by -1.2pt to 58.3 for manufacturing and by -1.5pt to 54.9 for services.

Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to

Goldman Sachs Global PMI Monitor

Exhibit 1: European Manufacturing Employment Improved in August

Source: S&P Global, Goldman Sachs Global Investment Research