U.S. manufacturing was still expanding in September 2026, according to the survey readings cited by the National Association of Manufacturers (NAM). But the signals are qualified: one major PMI eased slightly, while both survey summaries pointed to rising costs and continued uncertainty that could weigh on momentum. The indices track whether activity is generally improving or worsening; they are not percentage measures of output growth.
What Victoria Bloom said about manufacturing
NAM Chief Economist Victoria Bloom told Sinclair Broadcast Group that the ISM and S&P Global purchasing managers’ index (PMI) reports showed continued strength in manufacturing. NAM described demand as strong across much of the sector, with U.S. demand supporting durable-goods industries including electronics, appliances, electrical equipment and machinery. The article does not provide growth rates for those individual industries.
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Bloom also identified rising input costs, supply-chain disruptions, trade uncertainty and healthcare costs as risks. She said changes in trade policy and conflict in the Middle East continued to put pressure on supply chains and prices. Those are reported pressures, not quantified estimates of their effect on manufacturing output.
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1Repair Windows errors before they cause bigger problems2Fix the driver behind crashes, sound loss and screen glitches3Clear out junk files and repair common Windows errorsWhat the September PMI readings show
NAM’s October 5, 2026 economic-data summary reported that the ISM Manufacturing PMI was 54.5 in September, down from 54.6 in August. It marked a ninth consecutive month of expansion. The same summary said the demand-related indices remained in expansion territory. NAM’s ISM summary
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NAM reported the S&P Global Manufacturing PMI at 55.9 for September, its highest reading since May 2022. The summary described faster production supported by domestic demand, alongside a steeper rise in input prices. NAM’s S&P Global summary
These are separate surveys, so their raw readings should not be treated as directly comparable measures of how much output grew. A PMI above 50 indicates that activity is generally expanding; the size of the reading is not a percentage change in production. The ISM reading dipped slightly month over month, while NAM’s S&P Global summary emphasized its strongest reading in more than four years.
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How costs and uncertainty could constrain momentum
NAM’s Q3 2026 Manufacturers’ Outlook Survey found that respondents expected raw-material and other input costs to rise 5.0% over the next year. Increased raw-material costs were manufacturers’ top business challenge for a second consecutive quarter. These are survey expectations, not a measured increase already realized across the sector. NAM’s Q3 2026 Outlook Survey results
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The PMI summaries also point to price pressure, while Bloom cited supply-chain disruption and trade uncertainty. Together, these factors qualify the expansion story: demand can support production while higher costs or constrained inputs make it harder for manufacturers to sustain that pace. The available figures do not quantify how much any one risk will reduce output.
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What manufacturers plan to invest in
In the same Q3 survey, 63.0% of manufacturers said they planned to import industrial machinery, including parts and components, over the following year for existing or planned operations. This is a reported plan among survey respondents, not evidence that the purchases were completed. It suggests manufacturers were also considering equipment needs even as they reported cost pressures. NAM’s survey finding on machinery imports
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to read the outlook
- Expansion is the current signal: Both September PMI summaries were above 50, and NAM said the ISM report marked a ninth consecutive month of expansion.
- Demand is supporting activity: Bloom highlighted U.S. demand in several durable-goods industries, and NAM’s S&P Global summary described faster production supported by domestic demand.
- Momentum is not assured: Input-cost expectations, rising prices and supply-chain and trade uncertainty remain significant qualifications.
The best reading is continued, demand-supported expansion—not a guarantee that every manufacturer or subsector is growing, or that the risks have passed.
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