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The story in brief
The ISM Manufacturing PMI® registered 54.5 percent in September, indicating continued expansion in U.S. manufacturing for the ninth straight month, the Institute for Supply Management reported on October 1, 2026. New Orders, Production and Employment were in expansion, while Inventories contracted and Supplier Deliveries showed slowing performance. The Prices Index rose notably to 77.9 percent. Twelve industries expanded and two contracted in the month.
Key takeaways
- Manufacturing PMI at 54.5% — ninth consecutive month of expansion.
- New Orders, Production and Employment grew; Inventories contracted and supplier deliveries slowed.
- Prices Index jumped to 77.9%; most commodities listed up or in short supply.
Mortgage-market context
Conditionally, stronger manufacturing readings can signal firmer economic activity, which market participants may consider when assessing interest rate and housing demand trends. This is educational context, not a prediction.
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