Turning to manufacturing, U.S. factory activity lost some momentum in August.
The Institute for Supply Management's (ISM) Purchasing Managers' Index (PMI) USPMI=ECI shed 1.0 points last month to print at 54.6, or 0.6 points south of consensus.
Even so, the report marks the metric's eighth consecutive month north of the magic PMI level of 50, the dividing line between monthly contraction and expansion.
Wandering into the weeds, new orders, inventories, employment, and backlog all weakened. Production held steady and supplier deliveries improved.
The prices paid element—an inflation predictor—held firm at an elevated reading of 71.1.
"The ISM Manufacturing survey pours some cold water on the idea that the manufacturing sector is beginning to boom," says Stephen Brown, chief North American economist at Capital Economics. "But it does at least remain consistent with growing output."
Once again, commentary from ISM's survey participants was dominated by uncertainties and supply headwinds related to Middle East turmoil, tariffs, and inflation.
But according to S&P Global, factory activity expanded last month at the same rate it did in July.
Its final take on August manufacturing PMI USMPMF=ECI, printed at 53.9, a bit stronger than its initial "flash" reading of 53.2, but a carbon copy of July's final take.
Output and new orders expanded, but at decelerated rates as higher prices and tight supply conditions fueled stock building.
But increased optimism for the coming year resulted in the fastest job creation of the year so far.
"Manufacturers continued to report difficulties sourcing and receiving raw materials because of supply delays and price rises," writes Usamah Bhatti, economist at S&P Global Market Intelligence. "These pressures were commonly linked to the war in the Middle East, which has exacerbated existing supply and inflationary pressures from tariffs."
Firming expectations reflected "hopes for an end to the war and a smoother domestic policy path," Bhatti adds.
The S&P Global and ISM indexes differ from each other in the weight they apply to the various components (new orders, employment, etc).
Here's how closely they agree (or not). The dueling PMIs are set to meet again on Tuesday, when they spar over the services side of the coin.
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