The ISM Manufacturing PMI was 54.5% in September 2026, barely changed from 54.6%, with new orders at 55.3% and employment at 52.7%. The Prices Index jumped 6.8 points to 77.9% from 71.1%; ISM attributed it to tariffs on imported goods and increases in petroleum-based products resulting from the Middle East conflict. Expansion with accelerating input inflation, not contraction, is the factory read.