A fresh batch of U.S. data offered a mixed picture of the economy, with manufacturing momentum stalling even as parts of the housing market showed tentative resilience. The Philadelphia Federal Reserve’s August Manufacturing Business Outlook Index fell to –0.3, well below the 6.5 consensus forecast and down sharply from July’s 15.9 reading. New orders slipped to –1.9 and shipments eased to 4.5, while the prices-paid gauge jumped eight points to 66.8, its highest level since May 2022, underscoring persistent input-cost pressures. Housing indicators were more upbeat. July housing starts climbed to a 1.428 million annualised pace, comfortably topping the 1.297 million estimate, and National Association of Realtors figures showed existing-home sales rising 2.0% to 4.01 million. Yet near-term demand remained soft: Mortgage Bankers Association data for the week ended 15 August showed applications falling 1.4% after a 10.9% surge the previous week, as the average 30-year fixed rate inched up to 6.68%. Separately, the Conference Board’s Leading Economic Index edged down 0.1% in July, matching forecasts and signalling that overall growth is losing some traction even as price pressures linger.