USA S&P PMIs Mixed as Services Increase but Manufacturing Edges Down

Economics Research 21 August 2026 | 11:04AM EDT

USA: S&P PMIs Mixed as Services Increase but Manufacturing Edges Down

BOTTOM LINE: The S&P Global US services PMI increased in August, above Jan Hatzius | consensus expectations, and its underlying composition was strong. The S&P Global Goldman Sachs & Co. LLC

US manufacturing PMI declined in August, against consensus expectations for an David Mericle | unchanged reading. Its underlying composition was mixed, with an increase in the Goldman Sachs & Co. LLC employment component but declines in the output and new orders components. Alec Phillips | KEY NUMBERS: Goldman Sachs & Co. LLC

Ronnie Walker S&P Global US services PMI 56.8 for August (preliminary), median forecast 54.0, prior | 54.6 Goldman Sachs & Co. LLC

Elsie Peng S&P Global US manufacturing PMI 53.2 for August (preliminary), median forecast | Goldman Sachs & Co. LLC 53.9, prior 53.9 Pierfrancesco Mei | MAIN POINTS: Goldman Sachs & Co. LLC

1. The S&P Global US services PMI increased by 2.2pt to 56.8 in August, above Jessica Rindels | consensus expectations. The underlying composition was strong, as the employment Goldman Sachs & Co. LLC component increased (+2.4pt to 53.2) to the highest level since January 2025 and the new business component also increased (+1.1pt to 55.3). The input prices (-3.7pt Abhay Duggirala | to 59.3) and output prices (-3.0pt to 55.4) components both declined. The future Goldman Sachs & Co. LLC output index increased by 0.1pt to 64.3 (NSA).

2. The S&P Global US manufacturing PMI declined in August (-0.7pt to 53.2), against consensus expectations for an unchanged reading. The underlying composition was mixed, as the employment (+0.5pt to 51.4) increased while the new orders (-0.2pt to 54.2) and output (-2.1pt to 51.9) components both declined. Both the input prices (-0.5pt to 66.2) and output prices (-1.3pt to 58.9) components declined for a third consecutive month, after reaching in May their highest levels since July and September 2022, respectively. The future output index increased by 2.2pt to 68.2 (NSA).

3. Commentary from S&P highlighted that “Jobs growth has shown a welcome revival in August, with employers gaining in confidence as concerns fade over the negative economic impacts of tariffs and the conflict in the Middle East.” It also noted that “Price pressures, while fading, also remain elevated and prone to renewed upward pressures should energy prices rise again.”

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Reg AC We, Jan Hatzius, David Mericle, Alec Phillips, Ronnie Walker, Elsie Peng, Pierfrancesco Mei, Jessica Rindels and Abhay Duggirala, hereby certify that all of the views expressed in this report accurately reflect our personal views, which have not been influenced by considerations of the firm’s business or client relationships. Unless otherwise stated, the individuals listed on the cover page of this report are analysts in Goldman Sachs’ Global Investment Research division. Contributing Authors: Jan Hatzius Goldman Sachs & Co. LLC, David Mericle Goldman Sachs & Co. LLC, Alec Phillips Goldman Sachs & Co. LLC, Ronnie Walker Goldman Sachs & Co. LLC, Elsie Peng Goldman Sachs & Co. LLC, Pierfrancesco Mei Goldman Sachs & Co. LLC, Jessica Rindels Goldman Sachs & Co. LLC, Abhay Duggirala Goldman Sachs & Co. LLC. Unless otherwise stated, the individuals listed in the Contributing Authors disclosure of this report are analysts in Goldman Sachs’ Global Investment Research division.

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