Daily Roundup of Key US Economic Data for Aug. 28

MT newswire2026/08/28 18:29

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02:29 PM EDT, 08/28/2026 (MT Newswires) -- The University of Michigan consumer sentiment index for August was revised higher to 51.7 from the preliminary estimate of 51.0 but was still below July's reading of 55.2. Michigan said that one-year inflation expectations declined from July. The Chicago PMI fell to 47.1 in August from 57.6 in July, indicating contraction in contrast to other readings that indicated expansion. The ISM's national manufacturing index is due to be released on Sept. 1. The Kansas City Federal Reserve's services index fell to minus 3 in August from 14 in July, indicating contraction, in line with other regional services data already released. The Q3 GDPnow estimate from the New York Fed was revised down to a 2.22% gain from 2.27% in last week's estimate.

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With the Bank of England's interest rate decision approaching on September 17, Governor Bailey stated at the Jackson Hole Symposium that the labor market remains persistently weak and that second-round inflation effects are moderate, saying, "We can continue to observe this situation." At the symposium, MPC member Mann, who supported a rate hike in July, warned that the spillover effects from the US and the rising dominance of the US dollar pose potential shocks to the transmission of the UK's monetary policy. The market has already priced in a 25 basis point rate hike by the UK this year, with bets on another hike next spring.

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