The ISM Manufacturing PMI edged down to 54.5 in September 2026 from 54.6 in August, compared to forecasts of 55. Still, the reading continued to point to robust growth in the manufacturing sector, with new orders (55.3 vs 53.7) and employment (52.7 vs 51.2) rising at a faster pace while production slowed slightly (56.7 vs 58.3). Meanwhile, the Supplier Deliveries Index indicated slowing performance for the 10th month (59 vs 59.3), inventories contracted (48.6 vs 50.6) and backlog of orders rose faster (56.4 vs 51.8). Price pressures surged (77.9 vs 71.1), driven by increases in steel and aluminum, tariffs applied to many imported goods and increases in petroleum-based products as a result of the Middle East conflict. "40% of the comments were positive and 60% were negative. Among negative comments, pricing volatility was mentioned in 46%, tariffs 34%, the Iran war 30% and increasing lead times 21%", according to Susan Spence, Chair of the ISM Manufacturing Business Survey Committee. source: Institute for Supply Management

Business Confidence in the United States decreased to 54.50 points in September from 54.60 points in August of 2026. Business Confidence in the United States averaged 52.82 points from 1948 until 2026, reaching an all time high of 77.50 points in July of 1950 and a record low of 29.40 points in May of 1980. This page provides the latest reported value for - United States ISM Purchasing Managers Index (PMI) - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United States ISM Manufacturing PMI - data, historical chart, forecasts and calendar of releases - was last updated on October of 2026.

Business Confidence in the United States decreased to 54.50 points in September from 54.60 points in August of 2026. Business Confidence in the United States is expected to be 55.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United States ISM Manufacturing PMI is projected to trend around 52.00 points in 2027, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-09-01 02:00 PM
ISM Manufacturing PMI
Aug 54.6 55.6 55.2 55
2026-10-01 02:00 PM
ISM Manufacturing PMI
Sep 54.5 54.6 55 54.7
2026-11-02 02:00 PM
ISM Manufacturing PMI
Oct 54.5



Components Last Previous Unit Reference
ISM Manufacturing Backlog of Orders 56.40 51.80 points Sep 2026
ISM Manufacturing Employment 52.70 51.20 points Sep 2026
ISM Manufacturing Inventories 48.60 50.60 points Sep 2026
ISM Manufacturing New Orders 55.30 53.70 points Sep 2026
ISM Manufacturing Prices 77.90 71.10 points Sep 2026
ISM Manufacturing Production 56.70 58.30 points Sep 2026
ISM Manufacturing Supplier Deliveries 59.00 59.30 points Sep 2026

Related Last Previous Unit Reference
ISM Manufacturing PMI 54.50 54.60 points Sep 2026
Dallas Fed Manufacturing Index 9.80 11.60 points Sep 2026
Manufacturing Production YoY 0.90 1.20 percent Aug 2026
Philadelphia Fed Manufacturing Index 37.80 47.40 points Sep 2026
Richmond Fed Manufacturing Index -2.00 4.00 points Sep 2026


United States ISM Manufacturing PMI
The Manufacturing ISM Report On Business is based on data compiled from purchasing and supply executives nationwide. Survey responses reflect the change, if any, in the current month compared to the previous month. For each of the indicators measured (New Orders, Backlog of Orders, New Export Orders, Imports, Production, Supplier Deliveries, Inventories, Customers' Inventories, Employment and Prices), the report shows the percentage reporting each response, the net difference between the number of responses in the positive economic direction and the negative economic direction, and the diffusion index. A PMI reading above 50 percent indicates that the manufacturing economy is generally expanding; below 50 percent indicates that it is generally declining.
Actual Previous Highest Lowest Dates Unit Frequency
54.50 54.60 77.50 29.40 1948 - 2026 points Monthly
SA

News Stream
US Manufacturing Activity Remains Robust, Prices Soar
The ISM Manufacturing PMI edged down to 54.5 in September 2026 from 54.6 in August, compared to forecasts of 55. Still, the reading continued to point to robust growth in the manufacturing sector, with new orders (55.3 vs 53.7) and employment (52.7 vs 51.2) rising at a faster pace while production slowed slightly (56.7 vs 58.3). Meanwhile, the Supplier Deliveries Index indicated slowing performance for the 10th month (59 vs 59.3), inventories contracted (48.6 vs 50.6) and backlog of orders rose faster (56.4 vs 51.8). Price pressures surged (77.9 vs 71.1), driven by increases in steel and aluminum, tariffs applied to many imported goods and increases in petroleum-based products as a result of the Middle East conflict. "40% of the comments were positive and 60% were negative. Among negative comments, pricing volatility was mentioned in 46%, tariffs 34%, the Iran war 30% and increasing lead times 21%", according to Susan Spence, Chair of the ISM Manufacturing Business Survey Committee.
2026-10-01
US Manufacturing Growth Slows in August
The ISM Manufacturing PMI fell to 54.6 in August 2026 from July’s near four-year high of 55.6, below market expectations of 55.2. The reading nevertheless marked the eighth consecutive month of expansion in manufacturing activity, although growth moderated as new orders slowed sharply to 53.7 from 56.7. Production growth was broadly stable at 58.3, compared with 58.5 in July, while employment growth eased to 51.2 from 52.8, pointing to a softer pace of job creation in the sector. Meanwhile, manufacturers continued to highlight rising costs, supply-chain disruptions and heightened uncertainty, with tariffs and the Middle East conflict adding further pressure. The Prices Index remained elevated at 71.1, while the Supplier Deliveries Index rose to 59.3, signaling continued supply-chain delays. The Backlog of Orders Index fell sharply to 51.8, while the Imports Index declined to 52.5, suggesting weaker order pipelines and import activity.
2026-09-01
US Manufacturing Activity Expands at Fastest Pace Since 2022
The ISM Manufacturing PMI for the US rose to 55.6 in July 2026 from 53.3 in June, beating market expectations of 54.0 and signaling the strongest expansion in factory activity since May 2022. The improvement was driven by a sharp acceleration in output that was the fastest since November 2021 (58.5 vs. 52.2) and solid growth in new orders (56.7 vs. 56.0). Employment also returned to expansion for the first time since January 2025, with the employment index rising to 52.8 from 49.7, its highest level since August 2022. Meanwhile, cost pressures eased, while the Supplier Deliveries Index indicated slowing performance for the eighth month in a row. Manufacturing continued to benefit from businesses front-loading orders to avoid potential supply disruptions and higher costs linked to the US-Israeli conflict with Iran. At the same time, strong AI-related investment helped offset the impact of import tariffs, while low business inventories left room for further expansion.
2026-08-03