US ISM Manufacturing PMI Slips to 54.5 in September as Prices Index Jumps to 77.9

The headline number barely moved, but the composition matters more: a ninth straight month of expansion with new orders and employment improving suggests demand is holding up even as production and inventories soften. The prices index jump is the real signal, pointing to cost pressure building inside the manufacturing pipeline rather than fading. That mix — steady activity with firmer input costs — is the tension worth watching, since it shapes how long the current expansion can run without reigniting broader inflation concerns.