ISM Manufacturing PMI — September 2026
Headline: The Manufacturing PMI was 54.5, indicating expansion for a ninth consecutive month, though down 0.1 from August’s 54.6. It remains above its trailing six-month average of 53.8 and within the 52.7–55.6 range. ISM classifies the broader economy as growing; the economy’s 47.5 breakeven is below manufacturing’s 50 threshold.
Sub-indices:
| Index | Level | Prior | Change | Direction | vs 6-mo |
|---|---|---|---|---|---|
| New Orders | 55.3 | 53.7 | +1.6 | Growing | above avg (55.1) |
| Production | 56.7 | 58.3 | -1.6 | Growing | above avg (55.3) |
| Employment | 52.7 | 51.2 | +1.5 | Growing | above avg (49.6) |
| Supplier Deliveries | 59 | 59.3 | -0.3 | Slowing | below avg (59.3) |
| Inventories | 48.6 | 50.6 | -2 | Contracting | below avg (49.9) |
| Customers' Inventories | 41.6 | 42.8 | -1.2 | Too Low | above avg (41.3) |
| Prices | 77.9 | 71.1 | +6.8 | Increasing | above avg (76.7) |
| Backlog of Orders | 56.4 | 51.8 | +4.6 | Growing | 6-mo high |
| New Export Orders | 50.9 | 53.2 | -2.3 | Growing | above avg (50.5) |
| Imports | 51 | 52.5 | -1.5 | Growing | below avg (52.8) |
Key moves:
- Backlog of Orders rose 4.6 points to 56.4, a six-month high.
- Inventories fell 2 points to 48.6, crossing below 50 from 50.6 and moving into contraction.
- Prices jumped 6.8 points to 77.9, above the six-month average of 76.7, though still within the six-month range.
Insights:
- New Orders strengthened to 55.3, while Backlog reached a six-month high; together they point to a firmer demand pipeline. Production remains in expansion at 56.7, despite slowing from August.
- The inventory reading is contracting as orders rise, indicating a drawdown rather than a buildup against weak demand. Customers
