The September ISM PMI rebounded to 51.5 with strong gains in new orders and backlogs, however, backlogs remain in contraction at 49.5.As you can see above, the PMI has been oscillating around 50 all year. Improvement across the board in the regional manufacturing reports gave a good indication there would be an improved ISM PMI. The September durable goods orders should show a gain MoM when released mid-month.