Following the explosive growth signaled by S&P Global's PMI data last week, this week we get a final look for September's Manufacturing surveys and fresh data from ISM.
S&P Global's final September read for US Manufacturing dipped from the preliminary level but remains at its strongest since May 2022.
ISM's September survey of US Manufacturers also dipped at the headline level (54.5 vs 55.0 exp), but remains near multi-year highs.
“September has seen the pace of US manufacturing growth pick up a gear again," said Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, adding that PMI hit its highest since May 2022 as a surge in new orders encouraged factories to lift output sharply higher and take on workers in increasing numbers.
“Order book backlogs are rising and suppliers are increasingly busy, pointing to stretched capacity as companies struggle to meet demand across both consumer-facing and business sectors.
This is most notable in the investment and production of machinery and equipment, linked in many cases to rising AI-related spend.
Safety stock building amid price and supply chain worries also continues to support demand, though the ongoing loss of export orders remains a disappointment."
Once again, it was the domestic market that underpinned demand growth as new export orders fell for the fifteenth successive month.
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