The composite manufacturing index in the US Fifth District fell by 10 points from the previous month to -17 in September of 2025, reflecting the second-sharpest magnitude of pessimism since the start of the year. The decline was led by a sharp reduction in the volume of new orders (-15 vs -6 in August), consequently bring down the volume of shipments (-20 vs -5). In the meantime, capital expenditures slowed (-16 vs -23), in line with slowdowns in finished goods inventories (11 vs 16) and raw materials inventories (17 vs 24). In turn, employment aggregates fell further (-15 vs -11) and wage growth slowed (13 vs 22). On the price front, prices paid remained elevated (7.22 vs 7.24), driving prices received to accelerate (4.02 vs 3.14).