Report published September 1, 2026
US Manufacturing Remains Robust Amid Subdued Labor Market: ING Analysis
Source and citation context
- Issuer
- ING
- Report date
- September 1, 2026
- Analysis as of
- Not stated in source
Authors / editors: James Knightley
Finvaulta summarizes ING'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.
US manufacturing remained in expansion in August with an ISM print of 54.6 driven by tech investment, though input prices remain elevated at 71.1. Meanwhile, a 'low hire, low fire' labor market and a 1.9% quits rate point to benign wage pressures, reducing the need for consecutive Fed rate hikes.
Key Takeaways
- 1.US manufacturing remains solid with the August ISM at 54.6 and production at 58.3, supported by sustained tech-related capital expenditure.
- 2.The labor market exhibits a 'low hire, low fire' dynamic; the quits rate fell to 1.9%, indicating benign wage growth below 3% year-over-year.
- 3.Subdued wage pressure and flat real disposable incomes imply that even if the Federal Reserve hikes rates in September, a prolonged series of rate hikes is unlikely.
Table of Contents
- US ISM output metrics versus YoY GDP growth
- US quits rate versus wage growth
- Author
- Disclaimer
Report data
US ISM output metrics versus YoY GDP growth
| Metric | Estimate | Context |
|---|---|---|
| ISM Manufacturing Index | 54.6 index | August US ISM manufacturing index print versus consensus of 55.2 |
| ISM Production Index | 58.3 index | Consistent historically with GDP growth close to 3% |
| ISM New Orders Index | 53.7 index | Weakest reading since March |
| ISM Employment Index | 51.2 index | Moderated from previous month but remains above the 6-month average of 49.6 |
| ISM Prices Paid Index | 71.1 index | Indicates rapid increase in input costs such as energy, commodities, and semiconductors |
Reports in this series
Snap is shown in chronological order through this edition, published on September 1, 2026.
Part of the Snap series — view all 24 editions
Looking for the latest edition? ING Think why we think that the low hungarian inflation wont lead to an immediate rate cut (Sep 8, 2026)
- Aug 17ING Think construction pricing heat up in czechia
- Aug 25ING Think german ifo index aug26
- Aug 26ING Think us spending stalls as inflation makes slow progress towards target
- Aug 27ING Think bsp stays hawkish as inflation risks remain elevated
- Aug 27ING Think eurozone bank lending growth accelerated in july
- Aug 27ING Think ecb prepares markets for september rate hike
- Aug 28ING Think warshs hawkish words pivots the curve flatter
- Aug 28ING Think strong jump in eurozone sentiment in august
- Aug 28ING Think italian confidence data improves further in august
Document Preview
Access the Full Report
Get unlimited access to institutional research reports. Create an account to get started.
Authors / Editors
Reported Data Context
- ISM Manufacturing Index: 54.6 index (August 2026)
- ISM Production Index: 58.3 index (August 2026)
- ISM New Orders Index: 53.7 index (August 2026)
- ISM Employment Index: 51.2 index (August 2026)
- ISM Prices Paid Index: 71.1 index (August 2026)
Themes
Regions
Related Reports
Rates Spark: Growth Disappointments Would Still Build a Bullish Case
September 8, 2026
Europe's Pitch Book: Europeans Still Prefer to Invest at Home
September 8, 2026
Euro Credit Supply: Primary Markets Reopen Early
September 8, 2026
FX Talking: Don't Call It a Dollar Comeback
September 8, 2026
US Dollar Credit Supply: Strongest Corporate Supply Seen in August
September 8, 2026