US Manufacturing Continues to Expand as Business Confidence Rises, Price Pressures Ease

Factory growth has cooled somewhat from summer highs but remains solid as inflation eases and inventories rise.

Caterpillar equipment sits parked in a lot at Peterson Cat in San Leandro, Calif., on Aug. 5, 2025. Justin Sullivan/Getty Images

U.S. manufacturing activity expanded in September for a fourth straight month, even as growth slowed from recent highs, with business confidence improving and price pressures cooling, according to an S&P Global report.

S&P Global’s flash Purchasing Managers’ Index (PMI), released on Sept. 23, showed that the manufacturing activity index came in at 52.0 in September, down slightly from 53.0 in August, signaling continued growth in factory conditions. Readings above 50 indicate expansion.