U.S. manufacturing continued to expand in September 2026, according to the ISM and S&P Global purchasing managers’ surveys cited by the National Association of Manufacturers (NAM). NAM Chief Economist Victoria Bloom pointed to demand in durable-goods industries, including electronics, appliances, electrical equipment and machinery. But rising input costs, supply-chain pressure and trade uncertainty remain risks to momentum. The survey readings signal expansion; they are not percentage measures of output growth, and they do not show that every manufacturer is improving.
What the September manufacturing surveys show
NAM’s October 6, 2026 article reports that Bloom saw continued strength in both the ISM and S&P Global Manufacturing PMI reports. NAM’s summary of the September ISM report says manufacturing recorded its ninth consecutive month of expansion. The ISM PMI was 54.5, down slightly from 54.6 in August, while the demand indices NAM highlighted remained in expansion territory. NAM’s October 6 article and its October 5 economic-data archive provide the reported context.
NAM also reported an S&P Global Manufacturing PMI of 55.9 for September, the highest since May 2022. Its summary described faster production supported by domestic demand, alongside a steeper rise in input prices. The ISM and S&P Global figures come from separate survey reports; their values should not be treated as directly comparable measures of how much output changed.
Where demand is supporting manufacturers
Bloom identified U.S. demand for durable goods as a particular source of strength, naming electronics, appliances, electrical equipment and machinery. Her comments point to areas contributing to the positive account of manufacturing, but NAM’s article does not provide growth rates for those individual industries or establish that gains were uniform across the sector.
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The surveys measure direction and breadth of change through responses from purchasing managers. A reading above 50 indicates expansion in the activity covered by that survey; it does not mean production grew by that percentage. A modest decline in an index that remains above 50, such as the ISM’s move from 54.6 to 54.5, is consistent with continued expansion, not necessarily a contraction in output.
Why costs and uncertainty still matter
The positive activity signals sit alongside concerns about what it costs to produce goods and how reliably materials can move through supply chains. In the Q3 2026 Manufacturers’ Outlook Survey, respondents expected raw-material and other input costs to increase 5.0% over the next year. Increased raw-material costs were manufacturers’ leading business challenge for a second consecutive quarter. These are survey expectations and reported concerns, not a measure of realized price increases.
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Bloom also cited supply-chain disruptions, trade uncertainty and healthcare costs as risks. She linked changing trade policies and conflict in the Middle East with pressure on supply chains and prices. Those are risks she identified; the available figures do not quantify their separate effects on manufacturing output.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What manufacturers’ machinery plans indicate
NAM’s Q3 survey found that 63.0% of manufacturers surveyed planned to import industrial machinery, including parts and components, during the next year for existing or planned operations. This is a reported intention, not evidence that the imports have already occurred or that investment will translate into a particular amount of production growth. It does, however, show that planned investment in operating capacity is part of the survey’s picture alongside cost concerns. NAM says the survey was conducted August 11–27, 2026, and released in September. See its Q3 2026 Manufacturers’ Outlook Survey release.
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How to read the outlook
- Expansion is the current signal: both surveys cited by NAM were above the threshold associated with expansion in September.
- Momentum is not the same as universal growth: the reports describe survey trends, not conditions at every company or subsector.
- Demand is supporting selected durable-goods activity: Bloom named four industries but offered no sector-by-sector growth rates.
- Costs and supply uncertainty are material qualifications: manufacturers expect higher input costs, while trade and geopolitical pressures may complicate supply chains.
- Investment intentions are not completed investments: the machinery-import figure captures manufacturers’ plans over the coming year.
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