Updated: 01-Oct-25 10:21 ET

September ISM Manufacturing Index

Updated: 01-Oct-25 10:21 ET

Highlights

• The September ISM Manufacturing Index checked in at 49.1% for September (Briefing.com consensus: 49.2%), up from 48.7% in August.
• The dividing line between expansion and contraction is 50.0%, so the September figure, which is the seventh straight month below 50.0%, suggests manufacturing activity contracted at a slower pace than the prior month.

Key Factors

• The New Orders Index fell to 48.9% from 51.4% in August.
• The Production Index rose to 51.0% from 47.8% in August.
• The Prices Index dipped to 61.9% from 63.7% in August.
• The Employment Index rose to 45.3% from 43.8% in August.
• The Backlog of Orders Index increased to 46.2% from 44.7% in August.
• The Supplier Deliveries Index jumpd to 52.6% from 51.3% in August.
• The New Export Orders Index dropped to 43.0% from 47.6% in August.

Big Picture

• The key takeaway from the report is that the manufacturing sector remains in a state of contraction, with new order activity under pressure from tariff costs and uncertainty.

Category	SEP	AUG	JUL	JUN	MAY
Total Index	49.1	48.7	48.0	49.0	48.5
Orders	48.9	51.4	47.1	46.4	47.6
Production	51.0	47.8	51.4	50.3	45.4
Employment	45.3	43.8	43.4	45.0	46.8
Deliveries	52.6	51.3	49.3	54.2	56.1
Inventories	47.7	49.4	48.9	49.2	46.7
Export Orders	43.0	47.6	46.1	46.3	40.1
Prices paid (not seas adj)	61.9	63.7	64.8	69.7	69.4