A solid, but nonetheless slower, improvement in US manufacturing sector operating conditions was signaled by September’s S&P Global PMI® data. The latest survey showed a weaker gain in production, whilst new order book growth softened as tariffs continued to weigh on exports. Tariffs and broader policy uncertainty also dampened firms’ assessment of the business outlook, but expectations of manufacturing production reshoring and hopes of better demand in the year ahead meant sentiment remained positive overall. Cost pressures meanwhile were again elevated, with tariffs reportedly the dominant factor pushing up ... (full story)