The S&P Global US Manufacturing PMI was revised down to 55.9 in September 2026 from a preliminary estimate of 57.0, though it remained above August’s 53.9. Despite the revision, the index signaled the strongest manufacturing expansion since May 2022, supported by faster growth in both output and new orders. Firms reported a broad-based improvement in demand, led by government and technology-related sectors, which drove a notable increase in sales.
New business rose at its fastest rate since April and posted the second-strongest gain since May 2022. In turn, manufacturers ramped up production, extending the current expansion streak to 16 consecutive months. Export orders, however, continued to fall, weighed down by tariffs and persistently high shipping costs.
Employment growth accelerated to its highest level in more than five years, even as firms reported ongoing challenges in finding suitably skilled workers. At the same time, supplier delivery times lengthened at the sharpest rate since August 2022, and price pressures intensified. Nonetheless, business sentiment remained positive.
