September 2026 ISM Manufacturing Report: PMI Holds Steady, but Warning Signs Are Building

What does the September 2026 ISM Manufacturing PMI tell us about the health of U.S. manufacturing?

Susan Spence, Chair of the ISM Manufacturing Business Survey Committee, joins Manufacturing Talk Radio hosts Lew Weiss and Amy Nicklaus for the monthly breakdown of the ISM Manufacturing Report.

While the headline PMI changed very little, Susan points to several important developments beneath the surface. Prices moved sharply higher, production declined, supplier deliveries slowed, and manufacturers continue to report concerns surrounding lead times, tariffs, trade uncertainty and input costs. At the same time, new orders and employment provide some encouraging signals.

The discussion explores the relationship between new orders, production and backlogs; what slower supplier deliveries really mean; the potential effects of U.S.-Canada trade tensions; and why manufacturer sentiment can sometimes signal a change before it becomes obvious in the headline data.

Susan also identifies two areas she will be watching especially closely: new orders and prices. If costs continue climbing while demand begins to soften, those trends could eventually affect production, backlogs and employment.

Get the full analysis of the September 2026 ISM Manufacturing PMI and the trends manufacturers should be watching as the industry heads into the final months of the year.