The ISM Manufacturing PMI registered 52.4 in February, down -0.2 percentage point MoM from 52.6 in January, remaining in expansion and reflecting moderate growth in production and new orders alongside sharply higher input prices and rising backlogs.

• The New Orders Index stood at 55.8, down -1.3 pts MoM, indicating continued demand growth that has recovered after prior weakness and remains a key driver of production prospects for several large industries.

• The Production Index was 53.5, down -2.4 pts MoM, marking a fourth consecutive month in expansion but at a slower pace than January and consistent with mixed firm-level comments on output.

• The Prices Index surged to 70.5, up +11.5 pts MoM and the highest since June 2022, signaling widespread raw material cost increases driven notably by steel and aluminum prices and tariffs, and implying stronger near-term cost pressure for manufacturers.

• The Backlog of Orders Index rose to 56.6, up +5.0 pts MoM and the strongest since May 2022, showing that outstanding work has grown meaningfully and that order accumulation is supporting forward production plans.

• The Employment Index remained in contraction at 48.8 but improved +0.7 pts MoM, reflecting modest rehiring in some industries even as many firms continue to manage head counts cautiously amid demand uncertainty.

• Supplier Deliveries slowed further, with the Supplier Deliveries Index at 55.1, up +0.7 pts MoM, while the Inventories Index moved to 48.8, up +1.2 pts MoM, together showing slower vendor performance alongside only a tentative rebuilding of manufacturing stock positions.

• New Export Orders were marginally expansionary at 50.3, up +0.1 pts MoM, while the Imports Index jumped to 54.9, up +4.9 pts MoM and the highest since February 2022, indicating increased reliance on imported inputs even as export gains remain modest.

The ISM Manufacturing PMI rose to 52.6 in January from 47.9 in December (+4.7 pts MoM), ending a year-long contraction and indicating faster overall improvement in factory conditions.

• The New Orders Index surged to 57.1 from 47.4 (+9.7 pts MoM), the highest since February 2022, showing demand turned expansionary, with the report noting post-holiday reordering and some buying ahead of expected tariff-related price increases.

• The Production Index increased to 55.9 from 50.7 (+5.2 pts MoM), the strongest reading since February 2022 and a third straight month of expansion, reflecting stronger output growth.

• The Employment Index improved to 48.1 from 44.8 (+3.3 pts MoM) but remained in contraction for a 28th month, indicating headcount reductions are still more common than hiring.

• The Supplier Deliveries Index rose to 54.4 from 50.8 (+3.6 pts MoM), signaling slower deliveries for a second consecutive month, consistent with tightening supply performance as activity improves.

• Inventories edged up to 47.6 from 45.7 (+1.9 pts MoM) but stayed in contraction, while Customers’ Inventories fell to 38.7 from 43.3 (-4.6 pts MoM) and remained “too low,” which the report links to the rebound in new orders and backlogs.

• The Prices Index increased to 59.0 from 58.5 (+0.5 pts MoM), extending rising input costs to 16 straight months, while New Export Orders returned to expansion at 50.2 (+3.4 pts MoM) and Imports rebounded to 50.0 (+5.4 pts MoM), ending a prolonged contraction phase.

The US ISM Manufacturing PMI fell -0.3 pts MoM to 47.9 in December 2025, marking a tenth consecutive month of contraction while the broader economy remained in expansion.

• Manufacturing PMI at 47.9 (Nov: 48.2) stayed below the 50 threshold, extending the contraction streak to 10 months, though the level remained above 42.3, which ISM associates with continued overall economic growth.

• New Orders rose modestly to 47.7 (+0.3 pts MoM) but remained in contraction for a fourth straight month and below the 12-month average of 48.5, indicating persistently soft demand conditions.

• The Production Index held in expansion at 51.0 (Nov: 51.4), showing output continued to grow, albeit at a slower pace, with only two of six large industries reporting higher production.

• Employment increased to 44.9 (+0.9 pts MoM) but remained deeply contractionary for the 11th consecutive month, reflecting ongoing headcount reductions driven by uncertain near- to mid-term demand.

• Supplier Deliveries moved back into slowing territory at 50.8 (Nov: 49.3), indicating deliveries became slower after one month of improvement, consistent with renewed supply-side frictions in some industries.

• Inventories fell sharply to 45.2 (-3.7 pts MoM), signaling faster inventory contraction, while Customers’ Inventories declined to 43.3 (-1.4 pts MoM) and remained firmly in “too low” territory.

• Prices held steady at 58.5 (unchanged MoM), marking the 15th consecutive month of rising input costs, with respondents continuing to cite steel, aluminum, and tariff-related pressures.

• Backlogs of Orders rose to 45.8 (+1.8 pts MoM) but contracted for a 39th straight month, while New Export Orders improved slightly to 46.8 (+0.6 pts MoM) and Imports dropped sharply to 44.6 (-4.3 pts MoM), underscoring continued weakness in trade-related demand.

The US ISM Manufacturing PMI fell -0.5 pts to 48.2 in November 2025 (from 48.7 in October), indicating a faster contraction in factory activity even as the broader economy continued to expand.

• The Manufacturing PMI has now been below 50 for 9 straight months (after two months of expansion), but at 48.2 it is still consistent with roughly +1.7 percent annualized growth in real GDP, so overall economic activity remains in expansion.

• The New Orders Index fell to 47.4 (from 49.4), contracting for a third consecutive month and sitting below its 12-month average of 48.9, highlighting soft demand and ongoing concerns about tariffs and near-term demand among respondents.

• The Production Index rose back into expansion at 51.4 (from 48.2), with 3 of the 6 largest industries reporting higher output, showing that firms are still able to lift production even as new orders soften.

• The Employment Index declined to 44.0 (from 46.0), its 10th straight month of contraction, as companies continued to reduce headcount via layoffs and not filling open positions in response to uncertain demand.

• The Supplier Deliveries Index dropped to 49.3 (from 54.2), indicating faster deliveries for the first time in four months, while the Inventories Index rose to 48.9 (from 45.8), suggesting stock levels are still contracting but at a slower pace.

• Customers’ Inventories remained “too low” at 44.7 (up slightly from 43.9), meaning clients’ stock levels are still below desired levels, a configuration that is usually supportive for future production.

• The Prices Index increased to 58.5 (from 58.0), its 14th consecutive month in expansion, with respondents citing higher steel, aluminum, and tariff-related costs as key drivers of elevated input price inflation.

• The Backlog of Orders Index fell to 44.0 (from 47.9), contracting for the 38th straight month, while the New Export Orders (46.2) and Imports (48.9) indexes remained in contraction but improved versus October, indicating external trade remains a drag even as the pace of decline eases.

The US ISM Manufacturing PMI fell -0.4 pts to 48.7 in October 2025, marking a faster contraction while the broader economy continued to expand.

• New Orders rose to 49.4 from 48.9 but stayed in contraction, indicating demand remains soft despite a slight improvement.

• Production dropped to 48.2 from 51.0, pointing to a return to declining output after one month of growth.

• Employment edged up to 46.0 from 45.3 yet remained below 50, showing continued head count reductions.

• Prices eased to 58.0 from 61.9 but still indicated rising input costs for a 13th straight month.

• Supplier Deliveries lengthened to 54.2 from 52.6, the third month of slower deliveries, consistent with ongoing supply frictions.

• Inventories fell to 45.8 from 47.7, signaling a faster pace of stock drawdown at manufacturers.

• Backlog of Orders improved to 47.9 from 46.2 but stayed in contraction, suggesting brief gains have not translated into sustained growth.

• New Export Orders rose to 44.5 from 43.0 and Imports to 45.4 from 44.7, both still contracting, reflecting weak external trade flows.

• Customers’ Inventories were 43.9, little changed from 43.7, remaining in too low territory, which can be supportive for future production.

The US ISM Manufacturing PMI rose by 0.4 points to 49.1 in September 2025, remaining in contraction for a seventh straight month but signaling a slightly slower pace of decline.

• New orders fell by 2.5 points to 48.9, returning to contraction after one month of expansion and pointing to weaker near-term demand.

• Production increased by 3.2 points to 51.0, moving back into growth and marking one of the few areas of strength.

• Employment rose by 1.5 points to 45.3, but it continued to contract for the eighth consecutive month as firms reduced head counts.

• Supplier deliveries rose by 1.3 points to 52.6, indicating that delivery times lengthened for the second month in a row.

• Inventories decreased by 1.7 points to 47.7, showing a faster pace of contraction, while customers’ inventories slipped by 0.9 points to 43.7 and remained in “too low” territory for the twelfth straight month.

• Prices fell by 1.8 points to 61.9, but they continued to increase overall for a twelfth consecutive month, led by metals and tariff-related cost pressures.

• Backlogs of orders rose by 1.5 points to 46.2, yet they contracted for the thirty-sixth straight month.

• New export orders dropped sharply by 4.6 points to 43.0, marking a seventh consecutive contraction and reflecting weaker overseas demand.

• Imports fell by 1.3 points to 44.7, extending their contraction for a sixth month in line with softer demand.

• Overall, the PMI result suggests that the manufacturing sector remains under pressure, but the report also noted that the broader US economy continued to grow for a sixty-fifth straight month.