This morning, we learned that the closely watched ISM manufacturing index unexpectedly jumped to 55.7 in August from 55.4 in July.  This was the highest reading since 2011.

However, there was one detail that was less than great: jobs.

"The Employment Index registered 53.3 percent, a decrease of 1.1 percentage points compared to July's reading of 54.4 percent," wrote the ISM in its release this morning.

While a reading above 50 signals growth, the decline suggests deceleration.

This is something economists will pine over ahead of this Friday's big jobs report.

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