The U.S. S&P Global Manufacturing PMI fell to 52.0 in September 2025 from 53.0 in August 2025. Even so, the figure was in line with market expectations and continued to show expansion.  The decline was driven by slower production growth than expected, pressured by weak export demand due to reciprocal U.S. tariffs, even though new orders have continued to rise for nine months in a row since February 2025. Meanwhile, input price inflation also increased, driven by reciprocal U.S. tariffs. The rise in tariffs pushed up production costs, which led to higher selling prices, although at a slower rate.