The MTSI Manufacturing PMI Composite weakened to -0.44 in September, down from -0.31 in August, the lowest reading since June with all 9 PMIs reported.

• The Shipments index dropped to -0.46 (from -0.05), pointing to a notable pullback in goods movement compared to last month.
• New Orders fell sharply to -0.65 (from -0.09), underscoring weaker demand conditions heading into Q4.
• Production was the lone area of improvement, rising to 0.30 (from -0.13), showing a modest rebound in output despite weaker orders.
• Employment slid further to -0.59 (from -0.34), indicating continued contraction in manufacturing labor demand.
• Prices Paid eased to 0.63 (from 0.96), signaling softer input cost pressures.
• Prices Received fell to 0.36 (from 0.92), suggesting slower pass-through of costs to customers and weaker pricing power.
• Overall, the September PMI composite highlights weakening demand, softer pricing power, and further labor market strain, partly offset by a rebound in production.