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Existing home sales increased 1.5% in September and 4.1% over the year. Housing inventory stepped up to 1.55 million units, reflecting a 1.3% rise from August and 14.0% jump from last year. The median existing home price was $415,200, up 2.1% from last year. The Northeast, South and West posted monthly increases in existing home sales, while the Midwest registered a decline in September.

Single-family home sales rose 1.7% from August and 4.5% from September 2024, with the median price increasing 2.3% from last year to $420,700. Condo and co-op sales stayed the same over the month and over the year at 370,000 units in September. Meanwhile, the median price for condos and co-ops edged down 0.6% from the prior year to $360,300.

Homes were typically on the market for 33 days in September, up from 31 days in August and 28 days in September 2024. First-time buyers made up 30% of sales in September, up from 28% in July and 26% in September 2024.

The S&P Global Flash U.S. Manufacturing PMI rose from 52.0 to 52.2 in October, a two-month high. This continues the trend in business conditions with nine of the past 10 months signaling growth. Factory production grew for the fifth consecutive month, while new orders increased at the steepest pace in one-and-a-half years, driven by the domestic market. On the other hand, export orders for manufactured goods fell at the fastest rate since February, with sales to China and Europe falling.

Inventories continued to grow, but only marginally, as declining backlogs caused manufacturers to reduce input buying in October. Meanwhile, supplier delivery times shortened compared to September. Manufacturers’ input cost inflation increased at the slowest pace since February but remained incredibly high and continued to be attributed to tariffs. Selling prices for goods accelerated in October but stayed below rates seen in the preceding six months. Firms continued to report difficulties passing higher costs on to customers due to suppressed demand and increased competition.

Overall business activity advanced to a three-month high, increasing from 53.9 in September to 54.8 in October. This reading is accompanied by the largest rise in new business seen in 2025, with both the service sector and manufacturing experiencing growth in business activity in October. Overall, new order growth rose at the steepest level so far this year despite service exports falling. Despite price increases in manufacturing, service sector inflation eased in October.

Meanwhile, optimism about future business conditions fell in October, amid continued uncertainty around trade policy and the ongoing federal government shutdown. Manufacturing optimism declined to the second lowest level since June 2024 despite continued hope that tariffs could stimulate domestic production in the coming year.

Manufacturing activity increased in the Tenth District in October, with the month-over-month composite index rising 2 points to 6 from September. Meanwhile, expectations for future activity jumped 7 points to 14. The Tenth Federal Reserve District encompasses the western third of Missouri; all of Kansas, Colorado, Nebraska, Oklahoma and Wyoming; and the northern half of New Mexico. The month-over-month rise in activity was due to increases in both durable and nondurable manufacturing. New order growth slowed, while production jumped. Shipments rose, while new orders for exports decreased, but at a slower pace than the prior month.

The production index rose from 4 to 15, while the new orders index decreased from 2 to 1, but remained positive. The new orders for exports index remained negative but stepped up from -9 to -4 over the month. The employment index fell in October but remained positive, dropping from 7 to 1, while the average employee workweek index declined from 3 to -3. The backlog of orders improved from -13 to 1. Both the pace of growth for prices received and paid grew month-over-month, with raw material prices ticking up from 40 to 41 and prices received increasing 6 points to 19. On the other hand, over the year, both prices received and paid rose at a slower pace, decreasing 3 points each to 52 and 71, respectively.

In October, survey respondents were asked about changes in profit margins and artificial intelligence usage. Approximately 55% of firms reported a decrease in profit margin this year, while 17% cited no change and 28% noted increases. In 2026, 38% of firms expect a decrease in profit margins, 22% anticipate no change and 40% predict an increase. Additionally, 67% of firms reported that AI has not affected their business plans. Meanwhile, 12% of firms expanded their use of AI this year, 13% started using AI and 8% have not incorporated AI but plan to in the future.

In September, consumer prices increased 0.3% over the month and 3.0% over the year, up from the 2.9% annual rise in August but lower than the 3.1% advance anticipated. Core CPI, which excludes more volatile energy and food prices, rose 0.2% over the month and 3.0% over the year, slightly lower than the 3.1% 12-month increase in the month prior.

Energy costs advanced 1.5% over the month in September, after ticking up 0.7% in August, and grew 2.8% over the year. Within the energy index, gasoline prices jumped 4.1% from August, the largest factor in the monthly headline increase, but declined 0.5% from September 2024. Meanwhile, utility (piped) gas prices dropped 1.2% over the month, but surged 11.7% over the year.

In September, food prices edged up 0.2% over the month, after increasing 0.5% in August, with prices for food away from home rising 0.1%. Over the year, food prices advanced 3.1%, with food away from home jumping 3.7%. Meanwhile, prices for food at home climbed 0.3% from August and 2.7% from September 2024. Four of the six indexes for major grocery store food groups increased in September.

The shelter index grew 0.2% over the month and 3.6% over the year, continuing its downward 12-month trend since peaking at an 8.2% annual gain in March 2023. Meanwhile, prices for used cars and trucks decreased 0.4% over the month but soared 5.1% over the year. Relatedly, motor vehicle maintenance and repair rose 0.2% from August and 7.7% from September 2024.

The headline inflation rate has ticked up in recent months amid an increase in core goods prices, but likely not enough to deter Federal Reserve officials from cutting their interest rate target this week, particularly since inflation rose by less than anticipated in September. Therefore, markets anticipate that the Federal Open Market Committee will lower its interest rate target by another 25 basis points at its meeting this week.

The GE Aerospace Foundation has made a $500,000 commitment to the Manufacturing Institute’s Heroes MAKE America initiative, which provides training and certifications for veterans and other members of the military community seeking new careers in manufacturing. (The MI is the NAM’s workforce development and education affiliate.)

The details: The grant will fund the creation of a new accelerated Federal Aviation Administration Airframe and Powerplant (A&P) Certification training program at Fort Bragg in North Carolina in collaboration with Fayetteville Technical Community College.

• The new A&P training program at Fort Bragg will launch in 2026 and will train transitioning servicemembers and veterans to earn the certifications they need to take in-demand jobs in the aerospace industry.
• Fort Bragg is already home to the HMA’s Department of Defense SkillBridge-approved logistics certification training course.

GE Aerospace says: “As we continue to advance the future of flight, it is critical that we invest in developing talent to help us build it and bring it to life,” said GE Aerospace Chief Human Resources Officer and GE Aerospace Foundation Chair Christian Meisner.

• “We look forward to working alongside our partners to reinforce North Carolina’s long-standing leadership as the first in flight and keystone of the aviation manufacturing industry.”

The MI says: “We are thrilled to join forces with the GE Aerospace Foundation to expand Heroes MAKE America and ensure our veterans have the skills needed to integrate into the manufacturing workforce,” added MI President and Executive Director Carolyn Lee.

• “We are committed to providing the resources and opportunities to empower today’s American heroes to become tomorrow’s manufacturing leaders.”

The NFIB Small Business Optimism Index dropped 2 points to 98.8 in September, remaining slightly above the 52-year average of 98. September’s decrease was due primarily to a decline in the share of small business owners expecting better business conditions and an increase in reports of excess inventory. Of the 10 components included in the index, two increased, five decreased and three stayed the same. Meanwhile, the Uncertainty Index rose 7 points to 100, the fourth-highest reading in over 51 years and well above the 51-year average (68) and the average since 2016 (80).

Labor quality and taxes tied as the top concern for small business owners, with 18% reporting each as the most important problem. Business owners continue to struggle to fill positions despite openings trending down, with 32% of small business owners reporting jobs they could not fill in September, unchanged from August. The share of small business owners in September reporting taxes as a top problem increased 1% from August, with some noting high property taxes in particular. Meanwhile, inflation ranked third in the list of concerns, with 14% reporting it as a top problem, up 3 points from August. Looking forward, a net 31% plan to increase prices in anticipation of rising tariff costs, up 5 points from August.

A net 31% of small business owners reported raising compensation, up 2 points in September after increasing 2 points in August. Meanwhile, 19% of business owners plan to raise compensation in the next three months, down 1 point from August. Pressure on profitability continued to ease, improving 3 points from August to a net negative 16%. Among owners reporting lower profits, 33% blamed weaker sales, 17% cited increased material costs, 10% noted price changes for their product(s) or services(s) and 9% said labor costs. Meanwhile, 7% reported their last loan was harder to get than previous attempts, up 4 points from August, and a net 7% of owners cited paying a higher rate on their most recent loan, up 1 point from the prior month.

The outlook for general business conditions fell 11 points to 23%, still a positive read by historical standards. Additionally, 11% reported that it is a good time to expand their business, down 3 points from August, a rather weak read compared to times of economic expansion. Overall, small business owners remain relatively optimistic, but uncertainty remains very high.

Manufacturing activity in New York state increased in October, with the headline general business conditions index rising 19.4 points to 10.7. The new orders index jumped 23.3 points to 3.7, while the shipments index surged 31.7 points to 14.4. Unfilled orders stepped up from -6.9 to -3.9, while inventories advanced 3.9 points to -1.0, indicating that business inventories continue to shrink but at a slower pace. Delivery times improved, but supply availability decreased 1.9 points to -10.7.

Employment increased in October, with the index for the number of employees rising 7.4 points to 6.2. Meanwhile, the average employee workweek moved up slightly to -4.1 from -5.1 in September, signaling a modest drop in hours worked. The prices paid index rose 6.3 points to 52.4 while the prices received index moved up 5.6 points to 27.2, a reflection of a faster pace of increase for prices received and prices paid.

In October, firms’ optimism regarding the future rose to its highest level since January. The future business activity index climbed 15.5 points to 30.3. In the next six months, new orders are still expected to increase, and at an accelerated pace compared to last month at 34.9. The future employment index stepped up to 7.5, suggesting an anticipated faster pace of employment growth over the next six months. On the other hand, input prices are expected to rise at a faster pace, increasing from 57.8 to 65.0, while selling price expectations are forecasted to stay relatively consistent, inching up 0.6 points to 43.7. Meanwhile, capital spending plans improved but remained weak, moving up from -3.9 to -2.9.

In October, Philadelphia’s regional manufacturing activity declined following growth in September. Falling from 23.2 to -12.8, the index for current general business activity recorded its largest decline since April. This month, 25.2% of firms reported decreases in activity, while just 12.4% of firms noted increases. The index for new orders improved, rising from 12.4 to 18.2, while the index for shipments fell from 26.1 to 6.0. Meanwhile, the employment index ticked down 1 point to 4.6 as the average employee workweek decreased 2.1 points to 12.8.

The indexes for prices paid and prices received both increased, rising from 46.8 to 49.2 and from 18.8 to 26.8, respectively, suggesting prices rose at a faster pace in October. As has been the case for many months, the prices received index remained lower than the prices paid index, indicating that manufacturers have been absorbing a portion of higher costs paid.

Looking ahead, indicators showing expectations for future growth have continued to improve from previous months. After moving up 6.5 points in September, expectations for future business activity rose 4.7 to 36.2 in October. The growth came from a drop in the proportion of firms expecting a decrease in activity (11.2%). On the other hand, a smaller share of firms (47.4%) also expect increases in activity compared to last month’s reading of 52.2%. The future new orders index stepped up from 42.4 to 49.8, and the future shipments index jumped from 31.0 to 48.4. The capital expenditures index rose from 12.5 to 25.2. When asked about 2026, 35.5% of firms expect higher capital expenditures, a notable boost, but that increase was concentrated in noncomputer equipment expenditures. The future prices paid and prices received indexes dropped from 69.8 to 59.8 and from 64.8 to 45.7, respectively. Additionally, the index for future employment stepped down from 23.7 to 21.4.

This isn’t your grandfather’s workforce development training (Manufacturing Dive).

What’s going on: “Emerging programs are increasingly going beyond simple vocational training by targeting students early or in underserved communities, offering direct pathways to employment and exposing trainees to advanced tech skills.”

• The changes are a direct response to the longtime shortfall of manufacturing workers, which could reach 1.9 million if current trends persist, according to a Manufacturing Institute–Deloitte study cited by the article.
• The MI is the NAM’s 501(c)3 workforce development and education affiliate.

How it’s happening: Thanks to federal and state-level funding and private-company innovation, “prospective workers can now opt into a manufacturing career via multiple training paths.”

• Events such as those hosted by manufacturers during Manufacturing Month in October are allowing companies to get prospective workers in the door.
• At the events, manufacturers reinforce “that this is a sector where you can make a real impact and build a fulfilling career,” Laura Phillips, vice president of engineering and procurement for Pella Corporation, told the publication. “We get to tell our story, challenge outdated perceptions and spotlight the career pathways that exist in this industry.”

What else they’re doing: Pella uses a “multifaceted” approach to attracting talent, pairing interns with mentors and forming partnerships with schools to host plant tours and job shadows so students can see what modern manufacturing is really about.

• “Many of the students we have met through these interactions have joined the Pella team,” Phillips said.

The automation factor: Pella uses automation to supplement, not replace, human workers.

• The technology “make[s] tough jobs easier and equip[s] younger team members with tools that help them upskill and work hand in hand with technology,” Phillips added.

The MI says: “Manufacturers have long recognized the need to better engage the next generation of workers,” said MI President and Executive Director Carolyn Lee.

• “That’s why MFG Day matters and is so powerful—especially when it’s connected to onboarding and training. Pella’s approach works and is a great model for our industry.”
• “From Manufacturing Month and Manufacturing Day events that bring in prospective team members to pay-as-you-learn training, the industry is igniting interest in students and job seekers everywhere.”

When manufacturers see their team members struggling to find convenient, high-quality child care solutions, they’re increasingly offering their own solutions (Manufacturing Dive).

What’s going on: Sheffield, Iowa–based Sukup Manufacturing Co., a maker of farm equipment that employs some 600 people, saw just such a need a few years ago.

• So the company “formed a coalition with West Fork School District and United Bank & Trust Co. to raise money for a local child care center. The group applied for and received a state matching grant of $1.25 million for the estimated $3.3 million project. Following a year of construction, Bin Town Child Care officially opened November 2024.”
• Today, the center, which has capacity for 112 youngsters, also serves the local community. Currently about 60 spots are filled, one-third of those by the children of Sukup employees.

Expanding existing offerings: At Toyota, employees have been able to count on onsite child care since 1993, when the company opened its first center at its factory in Georgetown, Kentucky.

• In August, the auto manufacturer announced expansions to its care offerings at plants in North Carolina, Alabama, Mississippi and West Virginia. All will be open by 2027.
• Toyota also recently expanded its Princeton, Indiana, child care center “to accommodate up to 366 children over two shifts.”

Why it’s important: With manufacturing job openings still hovering around pre-pandemic levels, companies are keen to offer benefits that will attract and keep workers. One of the most prized benefits today is child care.

• “As we went through COVID and things like that, there was a lot of talk about child care, and the team members’ needs kind of shifted around,” Myriah Sweeney, general manager for people and property services for Toyota North America, told Manufacturing Dive. “They weren’t asking for child care prior to that … or it didn’t seem to be as big of an issue.”
• The article cites a 2023 study by the Manufacturing Institute, the NAM’s 501(c) 3 workforce development and education affiliate, which found that child care is a top concern for both employers and workers in the industry.

The MI says: “Access to child care has long been a major concern for manufacturing workers, which means it’s also been a major concern for manufacturing leaders,” MI President and Executive Director Carolyn Lee said.

• “These manufacturers are leading the way in innovative, generous and employee-first offerings, enabling more workers to build long-term careers in manufacturing.”