Americas Transportation: The Monthly Mosaic: September 2026

We highlight three major themes in this issue. 1. Major economies reported mostly expansionary manufacturing activity in September. The U.S. ISM Manufacturing Index read 54.5, down 0.1 point from August but marking the ninth consecutive month above 50, with the New Orders sub-index at 55.3; China's manufacturing PMI remained expansionary with slight acceleration versus August, while the Eurozone and Mexico also saw manufacturing expansion. Per the Logistics Managers Index, overall inventory levels expanded with an acceleration versus August, though still well below Covid-peak era levels; the ISM New Orders versus Inventories spread remained positive at +6.7, which could foreshadow future tailwinds to freight. 2. Spot truck rate growth (ex-fuel surcharge) averaged +22% YoY in September and -4% MoM, with 3Q closing up +32% YoY, partly reflecting the more limited capacity/driver pool (tighter CDL restrictions and English language enforcement);