The final manufacturing PMI from Markit Economics is revised 4 tenths lower from the flash estimate to a 51.5 level that indicates modest monthly growth in business activity at just about the same level of growth as July's 51.4 reading. But unfortunately, the downward revision to the final reading in August is centered in new orders which are at a final 51.9 which is 7 tenths slower than the flash reading. New orders for this report are showing the slowest rate of monthly growth of the recovery.
Output is also downwardly revised, to 51.9 which is 5 tenths slower than the flash reading. Other readings show little change from the flash estimates with backlog orders up to end two months of contraction but with new export orders showing a third straight month of contraction though only slight contraction. Employment growth is holding steady at a moderate rate while inventories, both for raw materials and for finished goods, are showing very slight monthly draws. Both input and output prices are little changed as are delivery times.
This report has been a little less weak than the rival ISM manufacturing report which will be released later this morning at 10:00 a.m. ET. In any case, both reports failed to pickup what turned out to be a very strong July for the factory sector based on last week's factory orders report from the government.