US manufacturing steady in September, input prices increase
New orders rose for a ninth straight month, while the prices index jumped 6.8 points to 77.9, signaling persistent factory cost pressures, ISM said.
- The Institute for Supply Management reported Thursday that the manufacturing PMI dipped to 54.5 from 54.6 in August, though the index has held above the 50 threshold this year, indicating growth.
- An infrastructure buildout is supporting manufacturing alongside businesses rebuilding inventories to meet robust domestic demand, helping factory employment rise to 52.7 from 51.2 in August.
- Prices paid for inputs jumped to 77.9 from 71.1 in August, with economists expecting inflation could remain above the Federal Reserve's 2% target for some time.
- Concerns persist that segments outside the recent spending boom could struggle, as the US-Israeli war with Iran has snarled supply chains and raised energy prices, with Diesel prices at record highs.
- Economists forecast nonfarm payrolls increased by 90,000 and the unemployment rate held steady at 4.1% in September's employment report, due for release on Oct 2.
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