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US ISM manufacturing PMI slips to 54.5 as prices paid jump
The report showed New Orders rising to 55.3 and the Prices Paid index surging to 77.9, above the 72.0 consensus.
The US ISM Manufacturing PMI edged down from 54.6 to 54.5 in September, coming in below the 55.0 consensus but still indicating expansion, according to Action Forex.
The report’s demand internals strengthened even as the headline softened, with New Orders rising from 53.7 to 55.3 and the Employment Index increasing from 51.2 to 52.7. Production stayed strong but slowed, moving from 58.3 to 56.7, and other details pointed to resilience through a jump in the Backlog of Orders Index from 51.8 to 56.4 and lower customers’ inventories from 42.8 to 41.6.
Prices were the standout, with the Prices Paid index surging from 71.1 to 77.9, far above the 72.0 consensus and close to March’s 78.3 reading. ISM also said raw-material prices increased for a 24th consecutive month, with 58.6% of respondents reporting higher raw-material prices.