The US September ISM Manufacturing PMI recorded 54.5, below the market expectation of 55 and down 0.1 points from the previous value of 54.6, remaining above the 50 threshold and continuing to expand manufacturing activity. Looking at the past four months, the index fluctuated between 53.3 and 55.6, with September readings in the middle of this range. The expansion strength weakened from the July high but did not slip into contraction territory. This time, the disappointment indicates that the momentum for manufacturing expansion is slightly milder than the market's previous assessment, but 54.5 is still above the threshold of 4.5 points, indicating that corporate purchasing managers remain optimistic about the overall current production and order situation. Manufacturing is one of the early observation windows for the US economy. Its continued expansion is often seen as evidence of overall economic resilience, but the slowdown in growth also indicates that the pace of expansion on the demand side has not accelerated further.
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