In September, the seasonally adjusted S&P Global U.S. Manufacturing Purchasing Managers’ Index (PMI) was 47.3, decreasing 0.6 points from August and marking the lowest reading in nine months. Manufacturers reported continued declines in production, employment, demand, and new orders.
The PMI index comprises five sub-indices tracking changes in new orders, output, employment, suppliers’ delivery times, and stocks of raw materials. A reading above 50 indicates growth, while below represents a contraction. See S&P Global