FX.co ★ US Manufacturing Activity Confirmed at Steady Growth: S&P

In September 2025, the S&P Global US Manufacturing PMI declined to 52, slightly down from the over three-year peak of 53 recorded in August. This figure aligns with both the preliminary estimate and the initial market median consensus. While new orders for US factories continued their nine-month growth streak, the expansion occurred more slowly than the survey average, largely due to weak export demand. This downturn can be attributed to tariffs imposed by the US, which instigated a series of trade conflicts with key partners, leading to reduced sales from Canada and Mexico. Consequently, output growth also decelerated, influenced by an accelerated depletion of backlogs. Nevertheless, business confidence saw an uptick in September, prompting companies to continue hiring additional staff. On the pricing front, tariffs contributed to increased input costs, and inflation remained above the series average, although the rate of growth in selling prices moderated.