US Manufacturing Activity Revised Higher: S&P Global

The S&P Global US Manufacturing PMI jumped to 57.0 in September 2026 from 53.9 in August, well above market expectations of 53.6, according to the flash estimate. The reading marked the strongest improvement in manufacturing business conditions since May 2022, with all five components contributing to the increase. Production growth rebounded after weakening over the previous three months, reaching its fastest pace since April 2022, while new orders accelerated to their strongest rate in nearly four and a half years. Employment growth rose to its highest level since February 2021, while inventories also increased at a faster pace. Meanwhile, supplier delivery times lengthened to the greatest extent since July 2022.

The S&P Global US Manufacturing PMI was at 53.9 for a third consecutive month in August of 2026, revised higher from the flash estimate of 53.2, and aligned with the initial market expectations. Both output and new order growth eased in the period. Surveyees noted higher cost levels, with input inflation remaining well above the historical levels due to tariff uncertainties and the war in the Middle East, forcing companies to raise their charges. These developments drove firms to cite muted client appetite, resulting in the slowdown for new business. Still, higher production environments had manufacturers raise their purchasing activity for the eighth month running. Looking ahead, companies remained optimistic about their business, underpinning another period of employment growth.

The S&P Global US Manufacturing PMI eased to 53.2 in August 2026 from 53.9 prevously, undershooting market expectations of 53.9, flash estimates showed. The latest reading pointed to a moderation in manufacturing activity, with growth at its weakest since March, held back by higher fuel costs, reduced inventory building and raw material shortages linked to supply delays. Output growth slowed for a third consecutive month, reaching its weakest pace since July last year. New orders held up better but also lost momentum, expanding at their slowest rate since March. Input purchases fell for the first time since February, weighing on the PMI, while supply times lengthened sharply again, Employment rose modestly at the fastest pace since May. Price pressures moderated, especially in terms of selling price inflation, although nput cost inflation remained elevated by historical standards.due to high energy prices, squeezed supply lines, and tariffs. Lastly, business sentiment improved.