US Manufacturing PMI Hits Three-Year High in September

The US manufacturing sector saw accelerated growth in September, with the PMI reaching its highest level since May 2022. Increased production and hiring, driven by a surge in new orders, have led to a rise in backlogs. Despite a decline in export orders, demand remains supported by inventory accumulation. The combination of economic growth, increased hiring, and rising prices has fueled market speculation regarding potential further interest rate hikes by the Federal Reserve.