The S&P Global US Manufacturing PMI eased to 52 in September 2025 from an over three-year high of 53 in August, in line with the preliminary estimate and the initial median consensus by markets. New orders for US factories grew for a ninth month but at a slower pace than the survey average, pressured by weak export demand as tariffs by the US triggered a series of trade disputes with major partners, driving sales from Canada and Mexico to fall. Consequently output growth also eased in the period, carried by a quicker pace of backlog depletion. Still, business confidence improved in September, and the positive expectations drove firms to continue taking more workers. On the price front, tariffs lifted input costs and inflation remained above the series average, but selling prices rose at a slower pace.