FX.co ★ US Manufacturing Growth Slows in September: S&P Global

In September 2025, the S&P Global US Manufacturing PMI declined slightly to 52, following a peak of over three years at 53 in August, as per preliminary estimates aligned with market expectations. This marked the fourth consecutive month of output growth, although the pace was considerably less than August's peak over the past 39 months. The expansion of new orders also decelerated, partly influenced by increased export losses caused by tariffs. As for pricing, input costs remained among the highest since the pandemic began, though there was a slight decrease from August. Businesses faced challenges in transferring these higher costs to consumers due to diminishing demand and escalating competition.