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 market forecasts, preliminary estimates showed. Output expanded for a fourth month, yet the increase was significantly softer than August’s 39-month high. New orders increased for the ninth month but growth was only marginal, partly due to higher export losses from tariffs. Manufacturing job growth edged down, with input inventories rising at a softer pace. Meanwhile, lead times lengthened to the greatest degree in four months. On the price front, input prices remained elevated, among the highest levels since the pandemic, albeit with a small dip from August. However, firms reported difficulties passing higher costs on to customers due to weak demand and growing competition. Lastly, business confidence improved to a three-month high, but remained below the survey’s long-run average.