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US DATA: Mfg PMI Upward Revision Doesn’t Materially Alter Larger Contraction

US DATA
  • The S&P Global US manufacturing PMI was revised up to 47.3 (flash and cons 47.0) in September to trim the decline from 47.9 in August. As such it maintained a move deeper into contraction territory (and its lowest since Jun 2023) but firms increased their selling prices by the most since April. Full press release here

     

  • “The US manufacturing sector moved deeper into contraction territory at the end of the third quarter of the year.”
  • “Output and new orders both fell at sharper rates in September amid demand weakness and political uncertainty. Meanwhile, employment decreased at the strongest pace since the start of 2010 if the COVID-19 pandemic period is excluded. More positively, business confidence ticked higher amid optimism that new business will pick up following the Presidential Election.”
  • “Meanwhile, the rate of input cost inflation softened but remained marked, and firms increased their selling prices at the fastest pace since April.” 
Source: S&P Global

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