🇺🇸❗️Cable FX Macro Weekly Note: U.S. ISM Mfg, Svcs PMIs

**As seen in Risk In The Week report 09/26/25, get full access now

In August, the manufacturing sector faced headwinds from subdued demand, potential tariffs under the Trump administration, and supply chain issues. Despite the uptick, it remains below the long-term average of 52.5. Sixteen manufacturing industries reported contraction, led by apparel and wood products. Services, which account for about 70% of U.S. GDP, showed steady growth amid easing inflation pressures. Nine industries expanded, including retail and professional services, though healthcare and transportation lagged.

Wells Fargo Economists said that the sideways move underpins the forecast for the ISM manufacturing index to remain essentially unchanged at 48.8, up modestly from 48.7 in August. Firms in the service sector reported slightly weakened activity in mid-September, but not a material change, they added. Wells Fargo looks for the ISM services index to slip to 51.6, down just a touch from 52.0 in August.