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1Clear out junk files and repair common Windows errors2Scan for outdated or missing drivers - takes under a minute3Repair Windows errors before they cause bigger problemsThere was no single September 2026 PMI result, and the claim that PMI showed a “slowing contraction” does not fit all the releases. U.S. manufacturing and services were still expanding, although their headline growth measures eased from August. Türkiye’s manufacturing PMI fell further below 50, signaling a deeper contraction. Canada’s Ivey PMI also declined, but its scale tracks purchasing activity rather than using the same sector interpretation as ISM.
What did the September 2026 PMI readings show?
PMI means purchasing managers’ index, but the acronym covers different surveys published by different organizations. The U.S. ISM manufacturing and services indexes both remained above 50 in September, while Türkiye’s manufacturing index remained below 50. The Canadian Ivey index is another measure, with its own stated interpretation. These figures should not be treated as interchangeable.
| Country and publisher | Survey | September 2026 | August 2026 | What the change indicates |
|---|---|---|---|---|
| United States — Institute for Supply Management (ISM) | Manufacturing PMI | 54.5 | 54.6 | Manufacturing continued to expand, but the headline index edged down. |
| United States — ISM | Services PMI | 54.9 | 55.4 | Services continued to grow, at a slower pace on the headline index. |
| Türkiye — Istanbul Chamber of Industry | Manufacturing PMI | 47.9 | 48.1 | Manufacturing remained in contraction and moved further below 50. |
| Canada — Ivey Business School | Seasonally adjusted Ivey PMI | 58.2 | 64.3 | The index fell; Ivey describes it as measuring whether purchases were greater or lower than in the prior month. |
Did the U.S. PMI show contraction?
No. ISM reported September manufacturing at 54.5, down 0.1 point from August’s 54.6, and said the sector expanded for a ninth consecutive month. ISM’s manufacturing-sector convention is that a reading above 50 generally indicates expansion and one below 50 generally indicates contraction. The report also discusses a 47.5 threshold in relation to expansion of the overall economy over time; that is a separate interpretation and should not be substituted for the 50-point sector threshold. Read ISM’s September manufacturing report.
Manufacturing components sent different signals. New orders rose to 55.3 from 53.7, and employment increased to 52.7 from 51.2. Production eased to 56.7 from 58.3. Inventories moved below 50, to 48.6 from 50.6, while the Prices Index rose to 77.9 from 71.1. These component indexes describe distinct parts of the survey; the higher Prices Index, for example, is not evidence that overall manufacturing contracted.
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What happened in U.S. services?
ISM’s Services PMI registered 54.9 in September, compared with 55.4 in August. Because the reading remained above 50, ISM characterized services as growing more slowly rather than contracting. The report noted that September’s reading was 0.8 percentage point above its 12-month moving average of 54.1. Read ISM’s September services report.
Was Türkiye’s manufacturing contraction slowing?
No. The Istanbul Chamber of Industry’s Türkiye manufacturing PMI declined from 48.1 in August to 47.9 in September. Both readings were below 50, and the September result was further below that threshold. The chamber described ongoing moderate deterioration, with output and new orders declining. That is evidence of a continuing contraction that worsened on the headline measure, not a slowing contraction. See the Istanbul Chamber of Industry’s PMI release page.
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How should readers interpret Canada’s Ivey PMI?
Ivey Business School reported a seasonally adjusted September Ivey PMI of 58.2, down from 64.3 in August. Ivey describes its index as indicating whether purchases were greater or lower than in the prior month. The fall is a decline in the index, but it should not be described as a contraction using ISM’s sector-specific 50-point explanation without a matching interpretation from Ivey. See Ivey’s PMI information.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why does the publisher and survey matter?
A PMI is a diffusion index derived from survey responses, not a direct measure of the percentage change in output. A lower reading can mean that expansion is less widespread or that contraction is more widespread, depending on the index and its methodology. It does not, by itself, quantify how much production or economic output changed.
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- Check geography and publisher: “PMI” alone does not identify which economy or survey is being reported.
- Check the sector: manufacturing and services readings describe different activity.
- Read both level and monthly change: a lower reading can remain above 50, as in the U.S. reports, or move further below it, as in Türkiye’s manufacturing report.
- Look at components: orders, production, employment, prices and inventories can move in different directions.
- Use the publisher’s own interpretation: the same number should not automatically be assigned the same meaning across indexes.
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