Global US Manufacturing PMI Increases in September

From S&P Gobal

The S&P Global US Manufacturing PMI increased to 48.9 in September of 2023 from 47.9 in August, beating forecasts of 48, preliminary estimates showed. The reading continued to point to another albeit smaller deterioration in the manufacturing performance, as contractions in output and new orders softened. Meanwhile, sufficient stocks of inputs and finished items, alongside still subdued demand, led firms to reduce their purchasing activity sharply again and firms continued to work through inventories in lieu of expanding their input buying, which contributed to a further improvement in supplier performance. At the same time, a reduced need to hold stock of finished goods led to the second-fastest drop in post-production inventories since November 2021. The pace of increase in staffing numbers accelerated and input price inflation quickened amid higher fuel expenses, while output prices rose only marginally.