Report published September 1, 2026
USA Macro Update: ISM Manufacturing, JOLTS Job Openings, and Q3 GDP Tracking
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- September 1, 2026
- Analysis as of
- Not stated in source
Authors / editors: Jan Hatzius, David Mericle, Alec Phillips, Ronnie Walker, Elsie Peng, Pierfrancesco Mei, Jessica Rindels, Abhay Duggirala
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
The ISM manufacturing index fell 1.0pt to 54.6 in August with broad subcomponent softness, while JOLTS job openings rose to 7,271k in July and construction spending dropped 0.5%. Goldman Sachs maintained its Q3 GDP tracking estimate at +2.7% annualized.
Key Takeaways
- 1.ISM manufacturing fell 1.0pt to 54.6 in August, missing consensus expectations with broad weakness across new orders, production, and employment.
- 2.July JOLTS job openings rose 89k to 7,271k, roughly in line with expectations, while hiring, quit, and layoff rates all ticked lower.
- 3.Nominal construction spending declined 0.5% in July driven by a 3.2% drop in single-family residential spending, while Goldman Sachs left Q3 GDP tracking unchanged at +2.7% annualized.
Table of Contents
- BOTTOM LINE
- US MAP
- KEY NUMBERS
- MAIN POINTS
- Disclosure Appendix
Report data
ISM Manufacturing and Manufacturing Survey Tracker
| Metric | Estimate | Context |
|---|---|---|
| ISM Manufacturing Index | 54.6 index | Below GS (56.0) and median forecast (55.2); prior 55.6 |
| S&P Global US Manufacturing PMI (Final) | 53.9 index | Revised up from preliminary; median forecast 53.4, prior 53.2 |
| JOLTS Job Openings | 7271.0 thousands | vs. GS 7,300k, median forecast 7,313k, prior revised 7,182k |
| Nominal Construction Spending | -0.5% | vs. GS -0.1%, median forecast flat, prior revised flat |
| Q3 GDP Tracking Estimate | 2.7% | Quarter-over-quarter annualized |
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Authors / Editors
Reported Data Context
- ISM Manufacturing Index: 54.6 index (2026-08) · Source: Institute for Supply Management
- S&P Global US Manufacturing PMI (Final): 53.9 index (2026-08) · Source: S&P Global
- JOLTS Job Openings: 7271.0 thousands (2026-07) · Source: Department of Labor
- Nominal Construction Spending: -0.5 percent (2026-07) · Source: Department of Commerce
- Q3 GDP Tracking Estimate: 2.7 percent (2026-Q3) · Source: Goldman Sachs Global Investment Research
Themes
Regions
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