Market Flux Event
US Manufacturing PMI Readings Miss Forecasts in September but S&P Global Index Hits Four-Year High
Read this in the Market Flux appTwo closely watched gauges of US factory activity came in below expectations for September, though both still pointed to solid expansion. S&P Global's final Manufacturing PMI printed at 55.9, below the 57.0 flash estimate and consensus forecast, but up from 53.9 in August and the highest reading since May 2022. The ISM Manufacturing PMI for September came in at 54.5, just under the prior month's 54.6 and missing the 55.0 consensus estimate.
Despite the misses relative to forecasts, the underlying detail in the S&P Global report was broadly constructive. Factory hiring accelerated at the fastest pace in more than five years, and S&P Global cited AI-related spending on machinery and equipment as a key driver of demand. The one persistent weak spot was export orders, which fell for a 15th consecutive month, underscoring continued softness in global demand even as domestic activity strengthens.
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Sources
- MarketsdayU.S. Equities — Macro Intelligence & Employment Data — October 1, 2026 🔹 Initial Jobless Claims Hold Flat at 197K, Outperforming Wall Street Forecasts U.S. weekly initial jobless claims remained steady at 197,000 for the week ending September 26, coming in below consensus market expectations of 200,000 to reflect sustained labor market resilience. 🔹 Continuing Claims Drop to 1,701K, Signaling Solid Employment Retention State unemployment continuing claims fell to 1,701,000 for the week ending September 19, undercutting both the forecasted 1,725,000 and the prior week's revised 1,719,000 figure. 🔹 4-Week Moving Average Retracts to 200K Threshold The 4-week moving average for initial claims eased to 200,000 from 202,250 previously, smoothing out weekly volatility and signaling ongoing stability in corporate layoffs. 🔹 Strong Employment Indicators Provide Support for Index Futures Tighter labor market data provided immediate pre-market tailwinds for broader market benchmarks including $QQQ and$SPY, easing near-term labor deterioration fears. #USMarkets #MacroUpdate #JoblessClaims #LaborMarket #WallStreet $QQQ $SPY #Economy #FedWatch #StocksToWatch
- InvestingGold stabilize amid softer inflation data, elevated yields
- FirstSquawkUS S&P GLOBAL MANUFACTURING PMI (SEP) ACTUAL: 55.9 VS 57.0 PREVIOUS; EST 57.0
- ZerohedgeUS Mfg PMI Sept Final 55.9, Exp. 57.0
- Seeking AlphaU.S. Manufacturing PMI revised lower in September's final print
- WallstengineS&P Global 🇺🇸 Manufacturing PMI rose to 55.9 from 53.9, the highest since May 2022, while factory hiring increased at the fastest pace in over five years. S&P says AI-related machinery and equipment spending helped drive demand, though export orders fell for a 15th straight month.
- DeItaoneU.S. TREASURY YIELDS EXTEND GAINS; YIELD ON 10-YEAR TREASURY NOTE LAST UP 4.72 BASIS POINTS AT 5.34% TWO-YEAR U.S. TREASURY YIELDS, LAST FLAT AT 4.883%
- kitco.comGold price at $4,158/oz after ISM Manufacturing PMI dips to 54.5, prices shoot higher