The August 2026 ISM Manufacturing PMI print of 54.6, released September 1, anchored near-certain trader consensus in the 54.0–54.9 bracket by landing squarely inside it after July’s 55.6 expansion high. Moderation in new orders to 53.7 and employment to 51.2, alongside stable production at 58.3 and an unchanged Prices Index of 71.1, reflected fading tariff front-loading and lingering supply-chain strains from the Middle East conflict, while still marking the eighth straight month above the 50 expansion threshold. Elevated supplier deliveries at 59.3 and a drop in backlogs to 51.8 signaled persistent cost pressures and softer momentum without tipping into contraction territory. This outcome aligned with the post-July cooling trajectory priced into markets ahead of the release, though any material upward revision or stronger September data could reopen lower-probability brackets.