The latest Global Manufacturing PMI, produced by J.P. Morgan and S&P Global, continued to signal expansion in global manufacturing during September, rising to a 55-month high of 53.0.
All five PMI sub-indices were at levels consistent with improved operating conditions in September, the third successive month this has been the case. Output, new orders, employment and stocks of purchases all expanded, while average supplier lead times lengthened. Global manufacturing production increased at the quickest pace since July 2021 (a 62-month high), underpinned by the steepest gain in new business for 55 months. Demand for manufactured goods has improved throughout 2026 so far, reflecting the combined increases in spending on AI infrastructure and defence equipment. Inventory building due to concerns over prices and supplies resulting from conflicts, notably the war in the Middle East, has also supported demand. Sector data signalled broad-based expansions in output and new orders. Both variables increased across the consumer, intermediate and investment goods sub-industries, with rates of growth strengthening in all cases.
The UK manufacturing sector also remained in expansion territory. The UK Manufacturing PMI rose to 51.9 in September, up from 51.7 in August, signalling expansion for an eleventh consecutive month. Four of the five PMI components were at levels consistent with an improvement in overall operating conditions. Alongside the expansions in output, new orders and employment, there was also a further increase in average vendor lead times. In contrast, stocks of purchases contracted.
The end of the third quarter saw a slight deceleration in the rate of increase in manufacturing production, which rose at the weakest pace during the current six-month sequence of expansion. Companies continued to scale up output in response to rising new order intakes, with new work growing from both domestic and export markets, including the US, Asia-Pacific, Brazil and Australia.
In Europe, the euro area Manufacturing PMI rose to a 52-month high of 52.9, from 52.7 in August, the highest reading since May 2022. All eight euro area countries covered by the survey posted an expansionary Manufacturing PMI reading in September, the first time this has been the case in more than four years. The Netherlands posted the strongest improvement, rising from 53.8 in August to 55.6 in September. Spain and Italy also posted strong rises, both returning to expansion after being below the 50.0 threshold in August, while Ireland rose slightly. Germany and France both eased from their August readings, although both remained in positive territory.
Outside the euro area, manufacturing activity remained mixed. Russia remained in contraction for a second consecutive month, while Kazakhstan, Türkiye and Poland also continued to contract. Sweden, Switzerland, Czechia and Romania, meanwhile, continued to expand.
Across the Asia-Pacific region, most economies remained in expansion, although Australia contracted in September following five consecutive months of expansion. In the Americas, the United States, Canada, Mexico and Colombia all remained in expansionary territory, while Brazil moved further into contraction.
Across the economies covered here, Sweden recorded the strongest Manufacturing PMI reading at 58.1, while Brazil registered the weakest at 44.8. India recorded the largest month-on-month improvement, of 2.3 points, while Australia experienced the sharpest decline, of 2.4 points.
The individual S&P Global PMI reports are available to download on their website at https://www.pmi.spglobal.com/Public/Release/PressReleases and we also have a summary charts report which is available to download below. Please note that the PMI readings for Hungary, Sweden and Switzerland are not compiled by S&P Global, but can be found on the Trading Economics website (it also means that they are not part of the global PMI calculation).