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GDP & Growth · September 1, 2026 · 1 min read

August ISM Manufacturing PMI Slips to 54.6% as Tariff Costs Bite

By Econ Data Tools Editorial Team

Published September 1, 2026

Factories logged an eighth straight month of growth in August, but a spike in input costs shows tariff-driven pressure on manufacturers hasn't eased.

- **Factories keep growing, but the pace cooled:** the ISM Manufacturing PMI came in at 54.6% in August, down from July's 55.6% — still an eighth straight month of expansion, since any reading above 50% means the sector is growing, not shrinking. New Orders held at 53.7% and Production jumped to 58.3%, while the Employment Index slipped to 51.2%. - **Input costs spiked to a multi-year high:** the report's Prices Index surged to 71.1%, and tariffs were cited in 29% of negative survey comments — manufacturers pointed specifically to Section 232 steel and aluminum tariffs as squeezing profitability, a sign the tariff-driven cost pressure flagged all year hasn't let up.

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