S&P Global U.S. Manufacturing PMI Holds Steady at 52 in September

September Manufacturing PMI

• 📌 The final read for S&P Global's U.S. manufacturing PMI for September remained at 52.
• 📊 This reading matches the mid-month estimate and indicates a continued, albeit slight, expansion in manufacturing activity.
• ⚠️ This is the highest reading since July, which was the only month this year to fall below 50, signifying a contraction.

Economic Data and Market Reaction

• 📉 Earlier data showed ADP payrolls came in lighter than expected at a negative 32,000, the weakest since March 2023.
• 📈 This weaker jobs data contributed to a drop in interest rates, with the 10-year Treasury yield down about six basis points and the 2-year yield down about eight basis points.
• ⏳ More significant economic data was anticipated at the top of the hour, potentially influencing market movements further.