ISM Manufacturing Index: The Institute for Supply Management’s manufacturing index moved up 0.7% (m/m) to 49.1 for September 2025; this value is weaker than the forecast of 50. The new orders sub-index scored at 48.9. Overall, the ISM manufacturing index is strong, while the global economy is beginning to strengthen again following shutdowns throughout Covid-19.

Advance Durable Goods Orders: The U.S. Census Bureau reported that New Orders for Manufactured Durable Goods rose 2.9% in August to $312.1 billion, bouncing back after two months of decline. Transportation equipment led the gains, climbing 7.9% to $110.2 billion. Excluding transportation and defense, orders also saw modest increases of 0.4% and 1.9%, respectively.

Oil and Gas Rotary Rig Counts: The total number of operating rigs in the U.S. for the week ending September 26th was 424 oil and 117 gas (totaling 541).

­­U.S. Steel Capacity Utilization: The total tonnage for the week ending September 27th was 1,770 million net tons, at a capacity utilization rate of 78.1%. The year-to-date tonnage output is 67,216 million net tons, at an average capacity utilization rate of 76.7%. In 2024, the same output total was 67,112 million net tons, at an average capacity utilization of 77.5%.

ISM Manufacturing Index: The Institute for Supply Management’s manufacturing index moved up 0.7% (m/m) to 48.7 for August 2025; this value is weaker than the forecast of 50. The new orders sub-index scored at 51.4. Overall, the ISM manufacturing index is strong, while the global economy is beginning to strengthen again following shutdowns throughout Covid-19.

Construction Put-in-Place, (CPIP): Total U.S. construction spending continued to perform well in July 2025, especially in the public sector. Census Bureau non-seasonally adjusted (NSA), constant dollar CPIP data showed that May’s three month total (3MT) construction expenditures decreased by 1.2% year on year (y/y) to 476.9 billion. On a 12MT basis, private expenditures decreased by 2.5% y/y.