US September Manufacturing PMI 47... Manufacturing Sector Contraction Continues

S&P Global, September Manufacturing PMI 47 'Below Expectations'

U.S. manufacturing activity indicators fell short of expectations, continuing a contraction trend.

On the 23rd (local time), S&P Global announced that the September Manufacturing Purchasing Managers' Index (PMI) recorded 47. This was down from 47.9 in the previous month and significantly below the market forecast of 48.6.

The manufacturing PMI, a key leading economic indicator, signals expansion when above 50 and contraction when below 50. This confirms that the U.S. manufacturing sector remains in a contraction phase. Despite hopes for a soft landing of the U.S. economy, the weak manufacturing data has raised ongoing concerns about an economic downturn.

The Services PMI registered 55.4 this month. Although it declined from 55.7 in the previous month, it slightly exceeded experts' expectations of 55.3, maintaining an expansion phase.

The Composite PMI was recorded at 54.4. It fell short of the previous month's 54.6 but surpassed the forecast of 54.3.