专家观点

Manufacturing PMI® At 54.5%; September 2026 ISM® Manufacturing PMI® Report

Textile World 新闻2026-10-06 00:56查看原文 ↗

✦产业研判

产业概括：美9月制造业PMI微降至54.5%

美国9月ISM制造业PMI为54.5%，较8月降0.1个百分点，连续第九个月扩张。新订单指数升至55.3%，生产指数降至56.7%，物价指数大幅升至77.9%，积压订单指数升至56.4%，新出口订单指数降至50.9%。

原料纤维纱线面料服装方向分化强度中等周期短期

关键观察变量

物价指数持续上升对化纤、棉花等原料成本的传导、新出口订单指数回落对外贸订单的影响、积压订单与供应商交付时间变化对交期的影响、后续PMI能否维持在扩张区间

判断边界ISM报告为美国制造业整体调查，未细分纺织服装行业，不能直接推导纺织服装PMI或具体订单变化；物价指数上升是否传导至纺织原料价格需结合其他价格数据验证。

Textile World Breaking News Institute for Supply Management® (ISM®) TEMPE, Ariz. — October 1, 2026 — Economic activity in the manufacturing sector expanded in September for the ninth consecutive month, say the nation’s supply executives in the latest ISM ® Manufacturing PMI ® Report. The report was issued today by Susan Spence, MBA, Chair of the Institute for Supply Management ® (ISM ® ) Manufacturing Business Survey Committee. “The Manufacturing PMI ® registered 54.5 percent in September, 0.1 percentage point below the August figure of 54.6 percent. The overall economy continued in expansion for the 23rd month in a row. (A Manufacturing PMI ® above 47.5 percent, over a period of time, generally indicates an expansion of the overall economy.) The New Orders Index expanded for the ninth consecutive month after four straight readings in contraction, registering 55.3 percent, up 1.6 percentage points compared to August’s figure of 53.7 percent. The September reading of the Production Index (56.7 percent) is 1.6 percentage points lower than the 58.3 percent recorded in August. The Prices Index remained in expansion (or ‘increasing’ territory), registering 77.9 percent, a notable increase of 6.8 percentage points compared to August’s reading of 71.1 percent. The Backlog of Orders Index registered 56.4 percent, up 4.6 percentage points compared to the 51.8 percent recorded in August. The Employment Index reading of 52.7 percent is up 1.5 percentage points from August’s figure of 51.2 percent,” says Spence. “The Supplier Deliveries Index indicated slowing performance for the 10th month in a row after one month in ‘faster’ territory. The reading of 59 percent is down 0.3 percentage point from its August reading of 59.3 percent. (Supplier Deliveries is the only ISM ® PMI ® Reports index that is inversed; a reading of above 50 percent indicates slower deliveries, which is typical as the economy improves and customer demand increases.) “The Inventories Index registered 48.6 percent, down 2 percentage points compared to August’s reading of 50.6 percent. The Customers’ Inventories Index reading of 41.6 percent is 1.2 percentage points lower compared to the 42.8 percent recorded in August. “The New Export Orders Index lost 2.3 percentage points in September for a reading of 50.9 percent versus 53.2 percent in August. The Imports Index registered 51 percent, a decrease of 1.5 percentage points compared to August’s reading of 52.5 percent.” Spence continues, “In September, U.S. manufacturing activity remained in expansion territory. Of the five subindexes that make up the PMI ® , only New Orders and Employment grew faster than the previous month. In September, 40 percent of the comments were positive and 60 percent negative, with a 1-to-1.6 ratio of positive to negative sentiment. Among negative comments, pricing volatility was mentioned in 46 percent, tariffs 34 percent, the Iran war 30 percent and increasing lead times 21 percent; most comments mentioned multi