The MTSI Manufacturing PMI Composite improved to -0.23 in September, up from -0.31 in August, indicating a slight improvement in manufacturing conditions, with only 2 out of 9 PMIs reported.

• The Shipments and the New Orders indexes both saw slight declines, falling to -0.10 and -0.32, respectively.
• The Production index was unchanged at -0.13, sitting at levels similar to what was seen in 2022.
• The Employment index edged down to -0.43, as hiring continued to trend weaker than activity.
• Prices Paid and Prices Received were both still increasing at a solid pace but have come down in recent months to Q1 2025 levels.