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Random freezes, missing sound and display glitches usually trace back to one bad driver. Find and replace yours safely.Free scan · under a minuteThere was no single September 2026 PMI result: the figures differ by country, publisher and sector. U.S. ISM manufacturing and services both remained in expansion, though their headline readings eased slightly from August. Türkiye’s manufacturing PMI slipped further below 50, indicating a worsening contraction rather than a slower one. Canada’s Ivey PMI also fell, but its scale is interpreted differently.
Did PMI show contraction in September 2026?
It depends on which PMI you mean. For U.S. ISM manufacturing and services, the September headline readings remained above 50, which ISM says generally indicates sector expansion. Türkiye’s manufacturing reading was below 50 and fell again. Canada’s Ivey PMI declined from August, but Ivey describes its index in terms of whether purchases were greater or lower than in the previous month, so it should not be treated as interchangeable with the ISM readings.
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PMI is a diffusion index, and the publisher and sector matter. A fall in the index from one month to the next does not by itself mean activity contracted: the headline level and the index’s own interpretation are both important.
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| Geography and publisher | Index and September result | August comparison | What the result indicates |
|---|---|---|---|
| United States, ISM | Manufacturing PMI: 54.5 | 54.6 | Expansion continued for a ninth consecutive month, at a marginally slower pace. |
| United States, ISM | Services PMI: 54.9 | 55.4 | Services continued to grow, but more slowly. |
| Türkiye, Istanbul Chamber of Industry | Manufacturing PMI: 47.9 | 48.1 | Manufacturing remained in contraction, with the reading moving further below 50. |
| Canada, Ivey Business School | Seasonally adjusted Ivey PMI: 58.2 | 64.3 | The index declined; Ivey frames it as whether purchases were greater or lower than in the prior month. |
The figures are from the respective publishers’ September 2026 reports: ISM manufacturing, ISM services, Istanbul Chamber of Industry and Ivey Business School.
U.S. manufacturing: expansion held, with mixed components
The Institute for Supply Management reported a September Manufacturing PMI of 54.5, down from 54.6 in August. ISM said manufacturing expanded for the ninth consecutive month. The headline change was small, and the components did not all move in the same direction.
- New orders: 55.3, up from 53.7.
- Employment: 52.7, up from 51.2.
- Production: 56.7, down from 58.3.
- Inventories: 48.6, down from 50.6, moving below 50.
- Prices: 77.9, up from 71.1.
These component readings offer more context than the headline alone: orders and employment strengthened, production eased, inventories moved below 50, and the prices index rose. They are separate indicators and should not be collapsed into a claim that every part of manufacturing either expanded or contracted.
U.S. services: slower growth, not contraction
ISM’s Services PMI registered 54.9 in September, down from 55.4 in August. ISM characterized the sector as growing more slowly, not contracting. Its report also said the September reading was 0.8 percentage point above its 12-month moving average of 54.1. Read the ISM services report.
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The Istanbul Chamber of Industry reported that Türkiye’s manufacturing PMI fell from 48.1 in August to 47.9 in September. The Chamber described ongoing moderate deterioration; output and new orders declined. Since the reading remained below 50 and moved lower, this result does not support the phrase “slowing contraction.” Read the Istanbul Chamber of Industry release.
Canada: a lower Ivey reading uses a different interpretation
Canada’s seasonally adjusted Ivey PMI fell from 64.3 in August to 58.2 in September. Ivey describes its index as indicating whether purchases were greater or lower than in the prior month. That definition is the appropriate basis for describing this result; the Ivey figure should not be directly equated with an ISM sector PMI. See Ivey Business School’s index page.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to read a PMI headline without overgeneralizing
- Identify the publisher and geography. “PMI” alone does not name a single global series.
- Check the sector. Manufacturing and services are distinct measures, even within the same country and publisher.
- Read both the level and the change. A month-to-month decline can coexist with a reading that still indicates expansion.
- Check the publisher’s threshold and definition. For ISM manufacturing, above 50 generally indicates manufacturing expansion and below 50 contraction. ISM separately notes that a Manufacturing PMI above 47.5 over time generally indicates expansion of the overall economy; that broader-economy observation is not the sector’s 50-point interpretation.
- Use components for nuance. Orders, production, employment, inventories and prices can move in different directions, as the September U.S. manufacturing report shows.
ISM’s 50-point interpretation and broader-economy note are set out in its September manufacturing report. These releases illustrate why a country, sector and index definition must accompany any claim about whether contraction slowed.
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