US Manufacturing Activity Revised Lower: S&P Global

2026-11-02 14:52 By Agna Gabriel 1 min. read

US manufacturing activity continued to expand in October, although the S&P Global Manufacturing PMI was revised down to 54.9 from an initial estimate of 56, compared with 55.9 in September.

Output increased for a seventeenth straight month, while new orders rose at their slowest pace since March, partly reflecting the impact of tariffs on international sales.

Meanwhile, manufacturers faced intensifying cost and supply pressures.

Higher energy, fuel, transportation and metal prices, alongside tariffs, pushed input cost inflation to its highest level since May’s near four-year peak.

Companies responded by raising selling prices, with output price inflation reaching its highest level since September 2022.

Supply-chain disruptions also lengthened delivery times, while manufacturers increased purchasing and inventories.

Rising orders and delayed inputs pushed backlogs higher, prompting firms to expand employment at the fastest pace in five and a half years.



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US Manufacturing Activity Revised Lower: S&P Global
US manufacturing activity continued to expand in October, although the S&P Global Manufacturing PMI was revised down to 54.9 from an initial estimate of 56, compared with 55.9 in September. Output increased for a seventeenth straight month, while new orders rose at their slowest pace since March, partly reflecting the impact of tariffs on international sales. Meanwhile, manufacturers faced intensifying cost and supply pressures. Higher energy, fuel, transportation and metal prices, alongside tariffs, pushed input cost inflation to its highest level since May’s near four-year peak. Companies responded by raising selling prices, with output price inflation reaching its highest level since September 2022. Supply-chain disruptions also lengthened delivery times, while manufacturers increased purchasing and inventories. Rising orders and delayed inputs pushed backlogs higher, prompting firms to expand employment at the fastest pace in five and a half years.
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The S&P Global US Manufacturing PMI edged up to 56 in October 2026 from 55.9 in September, beating forecasts of 55.5, preliminary estimates showed. The reading pointed to the strongest improvement in operating conditions in manufacturing since May 2022. Although production and new orders growth rates slowed, both remained elevated to register sustained strong expansions. Jobs growth meanwhile accelerated further to reach the highest since March 2012, and input inventories rose at the fastest rate for four months. Suppliers’ delivery times meanwhile lengthened to the greatest degree since July 2022.
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The S&P Global US Manufacturing PMI fell to 55.9 in September 2026 from a preliminary estimate of 57.0, but remained above August’s 53.9. The latest reading was the strongest since May 2022, as output and new orders expanded at faster rates. Firms reported a broad-based pickup in demand, with government and technology-related industries driving higher sales. New business rose at its fastest pace since April and the second-strongest since May 2022. In response, manufacturers sharply increased production, extending the current growth streak to 16 months. Export sales, however, continued to decline amid tariffs and elevated shipping costs. Employment growth also accelerated to its strongest level in more than five years, despite reports of difficulties finding suitable workers. At the same time, vendor lead times lengthened at the fastest pace since August 2022, while inflationary pressures intensified. Business confidence nevertheless remained positive.
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