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The U.S. S&P Global Manufacturing PMI rose to 55.9 in September 2026 from 53.9 in August, but fell short of the 57.0 forecast reported by Investing.com. The increase shows improving conditions compared with the previous month; because the index was above 50, it also indicates expansion rather than contraction in the surveyed manufacturing sector.
What the September PMI figures say
Investing.com reported an actual September reading of 55.9, a previous reading of 53.9, and a forecast of 57.0 for the U.S. S&P Global Manufacturing PMI. The change from the previous reading and the gap against forecast are:
- Up 2.0 index points from the previous reading: 55.9 minus 53.9.
- 1.1 points below forecast: 55.9 minus 57.0.
The forecast is the value shown in Investing.com’s reporting; the available source does not specify a particular consensus methodology. Sources: Investing.com’s September PMI article and Investing.com’s U.S. Manufacturing PMI calendar.
Does a reading of 55.9 mean manufacturing is expanding?
Yes. The 50 mark is the diffusion index’s no-change threshold: a reading above 50 indicates expansion, while one below 50 indicates contraction. At 55.9, the September result points to expansion in the conditions covered by the survey. That does not mean every manufacturer or every part of the industry expanded.
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A forecast miss answers a different question. It means the reported reading was lower than the forecast, not that the sector contracted. The headline values alone do not establish why the result missed or what effect it had on markets.
What a manufacturing PMI measures
A Purchasing Managers’ Index is a survey-based indicator of business conditions. S&P Global explains its diffusion-index calculation as: “Index = (Percentage of survey respondents reporting ‘higher’) *1.0 + (Percentage of survey respondents reporting ‘the same’)*0.5 + (Percentage of survey respondents reporting ‘lower’)*0.0”. In practical terms, responses indicating higher activity contribute more than unchanged responses, while lower activity contributes zero to the formula. The 50 threshold is the dividing point used to interpret whether improvement or deterioration is more prevalent.
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S&P Global’s PMI FAQ describes the methodology and distinguishes its surveys from other PMI series. The figures above should not be used to infer which individual survey components drove the September result; the reported headline values do not establish that detail.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Do not confuse the S&P Global reading with ISM’s PMI
The September headline concerns S&P Global’s U.S. Manufacturing PMI, not the separate U.S. Manufacturing PMI published by the Institute for Supply Management (ISM). ISM reported 54.5 for September 2026, down from 54.6 in August. Those are values from a different survey series, so the ISM August reading is not the “previous” value for the S&P Global figure.
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When comparing PMI numbers, first check that they refer to the same country and survey publisher. Then compare each series’ actual result with its own previous reading and forecast, and note whether it is above or below 50. Sources: ISM’s September 2026 Manufacturing PMI report and S&P Global’s PMI FAQ.
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