MTSI Manufacturing PMI Composite Indexes

Index	October 2025	November 2025
General PMI	-0.47	-0.39
Shipments	0.14	-0.10
New Orders	-0.12	-0.54
Production	0.05	0.71
Employment	-0.42	-0.17
Prices Paid	0.58	0.59
Prices Received	0.63	0.35

The MTSI Manufacturing PMI General PMI Composite Index improved from -0.47 in October to -0.39 in November, revised down from the 1st estimate of -0.18, with 6 out of 9 PMIs reported.

Activity indicators have largely returned to normal, with the Shipments index at -0.10 and the Production index jumping to 0.71.
The New Orders index remains volatile and settled a bit lower at -0.54.
The Employment index remains negative but increased to the highest since January 2025 at -0.17.
The price indexes continued to fall from their 2025 highs, with Prices Paid down to 0.59 (around the lowest since February 2025) and Prices Received down to 0.35 (joint-lowest since January 2025).

Index	October 2025	November 2025
General PMI	-0.47	-0.18
Shipments	0.14	0.00
New Orders	-0.12	-0.42
Production	0.05	0.16
Employment	-0.42	-0.20
Prices Paid	0.58	0.56
Prices Received	0.63	0.29

The MTSI Manufacturing PMI General PMI Composite Index improved from -0.47 in October to -0.18 in November, the highest since February 2025, with 4 out of 9 PMIs reported.

Activity indicators have largely returned to normal, with the Shipments index at 0.0 and the Production index at 0.16.
The New Orders index remains volatile and settled a bit lower at -0.42.
The Employment index remains negative but increased to a 6-month high of -0.20.
The price indexes continued to fall from their 2025 highs, with Prices Paid down to 0.56 (lowest since February 2025) and Prices Received down to 0.29 (lowest since January 2025).

Index	September 2025	October 2025
General PMI	-0.43	-0.47
Shipments	-0.46	0.14
New Orders	-0.65	-0.12
Production	-0.30	0.05
Employment	-0.59	-0.42
Prices Paid	0.63	0.58
Prices Received	0.35	0.63

The MTSI Manufacturing PMI General PMI Composite Index weakened slightly to -0.47 in October (from -0.43 in September), reflecting a modest deepening in contraction as demand indicators improved and price pressures were roughly stable, with all PMIs reported.

The Shipments and Production indexes both moved from moderately negative readings to slightly positive readings, suggesting an improvement in operating conditions.
The New Orders index trailed the operating indicators but only slightly and actually improved significantly from -0.65 in September to -0.12 in October.
The Employment index remains the weakest component, but it improved slightly from -0.59 in September to -0.42 in October.
Both Prices Paid and Prices Received are trending below the near-term peaks set over the summer but are also still well above 2024 readings.

Index	September 2025	October 2025
General PMI	-0.43	-0.69
Shipments	-0.46	-0.22
New Orders	-0.65	-0.27
Production	-0.30	0.09
Employment	-0.59	-0.60
Prices Paid	0.63	0.72
Prices Received	0.35	0.71

The MTSI Manufacturing PMI General PMI Composite Index weakened slightly to -0.69 in October (from -0.43 in September), reflecting a modest deepening in contraction as demand indicators remained subdued while price pressures firmed, with 4 out of 9 PMIs reported.

The Shipments index rose to -0.22 (from -0.46), indicating slower contraction in output movement.
New Orders improved to -0.27 (from -0.65), suggesting softer but still negative order growth.
Production turned slightly positive at +0.09 (from -0.30), marking a return to marginal expansion.
The Employment index edged lower to -0.60 (from -0.59), showing continued softness in labor conditions.
The Prices Paid index increased to +0.72 (from +0.63), indicating stronger cost pressures.
The Prices Received index climbed to +0.71 (from +0.35), signaling higher selling prices despite weak demand.

Index	August 2025	September 2025
General PMI	-0.31	-0.44
Shipments	-0.05	-0.46
New Orders	-0.09	-0.65
Production	-0.13	0.30
Employment	-0.34	-0.59
Prices Paid	0.96	0.63
Prices Received	0.92	0.36

The MTSI Manufacturing PMI Composite weakened to -0.44 in September, down from -0.31 in August, the lowest reading since June with all 9 PMIs reported.

The Shipments index dropped to -0.46 (from -0.05), pointing to a notable pullback in goods movement compared to last month.
New Orders fell sharply to -0.65 (from -0.09), underscoring weaker demand conditions heading into Q4.
Production was the lone area of improvement, rising to 0.30 (from -0.13), showing a modest rebound in output despite weaker orders.
Employment slid further to -0.59 (from -0.34), indicating continued contraction in manufacturing labor demand.
Prices Paid eased to 0.63 (from 0.96), signaling softer input cost pressures.
Prices Received fell to 0.36 (from 0.92), suggesting slower pass-through of costs to customers and weaker pricing power.
Overall, the September PMI composite highlights weakening demand, softer pricing power, and further labor market strain, partly offset by a rebound in production.

Index	August 2025	September 2025
General PMI	-0.31	-0.31
Shipments	-0.05	-0.31
New Orders	-0.09	-0.49
Production	-0.13	0.01
Employment	-0.34	-0.37
Prices Paid	0.96	0.64
Prices Received	0.92	0.42

The MTSI Manufacturing PMI Composite was unchanged at -0.31 in September, a manufacturing conditions generally remained in a slight contraction with 5 out of 9 PMIs reported.

The Shipments and New Orders indexes both declined, to -0.31 and -0.49, respectively, pointing to slightly weaker demand conditions.
The Production index remained near the long-term average at 0.01, an improvement over weak conditions over the last two years.
The Employment index fell slightly, remaining moderately negative at -0.37.
Inflationary pressures looked to have peaked with the Prices Paid index down -32 bps to 0.64 and the Prices Received index down -50 bps to 0.42.

Index	August 2025	September 2025
General PMI	-0.31	-0.23
Shipments	-0.05	-0.10
New Orders	-0.09	-0.32
Production	-0.13	-0.13
Employment	-0.34	-0.43
Prices Paid	0.96	0.68
Prices Received	0.92	0.56

The MTSI Manufacturing PMI Composite improved to -0.23 in September, up from -0.31 in August, indicating a slight improvement in manufacturing conditions, with only 2 out of 9 PMIs reported.

The Shipments and the New Orders indexes both saw slight declines, falling to -0.10 and -0.32, respectively.
The Production index was unchanged at -0.13, sitting at levels similar to what was seen in 2022.
The Employment index edged down to -0.43, as hiring continued to trend weaker than activity.
Prices Paid and Prices Received were both still increasing at a solid pace but have come down in recent months to Q1 2025 levels.

Index	July 2025	August 2025
General PMI	-0.22	-0.31
Shipments	-0.17	-0.05
New Orders	-0.44	-0.09
Production	0.03	-0.13
Employment	-0.45	-0.34
Prices Paid	0.93	0.96
Prices Received	0.81	0.92

The MTSI Manufacturing PMI Composite Index edged down to -0.31 in August, down from -0.22 in July, suggesting a slight decline in manufacturing activity, with all PMIs reported.

The Shipments index continued to rebound, now at just -0.05 in August, up from -0.17 in July.
The New Orders index also pointed to a rebound in demand, bouncing from -0.44 in July to -0.09 in August.
The Employment index nudged up to -0.34 in August after some weaker readings in the last few months.
Price pressures persist as the Prices Paid index increased to 0.96, the highest since June 2022, and the Prices Received index reversed the recent easing, up to 0.92 in August from 0.81 in July.

Index	July 2025	August 2025
General PMI	-0.22	-0.32
Shipments	-0.17	-0.05
New Orders	-0.44	-0.12
Production	0.03	-0.08
Employment	-0.45	-0.34
Prices Paid	0.93	0.97
Prices Received	0.81	0.92

The MTSI Manufacturing PMI Composite Index edged down to -0.32 in August, down from -0.22 in July, suggesting a slight decline in manufacturing activity, with 7/9 PMIs reported.

The Shipments index continued to rebound, now at just -0.05 in August, up from -0.17 in July.
The New Orders index also pointed to a rebound in demand, bouncing from -0.44 in July to -0.12 in August.
The Employment index nudged up to -0.34 in August after some weaker readings in the last few months.
Price pressures persist as the Prices Paid index increased to 0.97, the highest since June 2022, and the Prices Received index reversed the recent easing, up to 0.92 in August from 0.81 in July.

Index	July 2025	August 2025
General PMI	-0.22	-0.36
Shipments	-0.17	-0.53
New Orders	-0.44	-0.58
Production	0.03	0.03
Employment	-0.45	-0.62
Prices Paid	0.93	0.99
Prices Received	0.81	0.80

The MTSI Manufacturing PMI Composite slipped to -0.36 in August 2025, down from -0.22 in July, reflecting a deeper contraction in factory activity with 2/9 PMIs reported and the flash S&P PMI data.

Shipments weakened to -0.53 (Jul: -0.17), pointing to a sharper decline in output delivered.
New orders fell further to -0.58 (Jul: -0.44), signaling continued soft demand conditions.
Production held steady at 0.03 for the second month, remaining just above neutral.
Employment dropped to -0.62 (Jul: -0.45), showing a faster pace of job losses.
Prices Paid rose to 0.99 (Jul: 0.93), while Prices Received edged down slightly to 0.80 (Jul: 0.81), indicating persistent input cost pressures with limited pricing power.

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Index	June 2025	July 2025
General PMI	-0.95	-0.22
Shipments	-0.64	-0.17
New Orders	-0.84	-0.44
Production	-0.41	0.03
Employment	-0.77	-0.45
Prices Paid	0.76	0.93
Prices Received	1.06	0.82

The MTSI Manufacturing PMI Composite Index rose to -0.22 in July from -0.95 in June, showing a notable easing in the pace of contraction across factory activity with all PMIs reporting for the month.

Shipments improved to -0.17 (from -0.64) and new orders rose to -0.44 (from -0.84), suggesting a stabilization in demand.
Production turned slightly positive at 0.03 (from -0.41), marking the first positive reading in three months.
Employment also improved to -0.45 (from -0.77), although it remains in contraction territory.
Prices Paid increased to 0.93 (from 0.76) while Prices Received fell slightly to 0.82 (from 1.06), reflecting continued cost pressures with slightly softer selling power.

mtsi-manufacturing-pmi-composite-indexes-week-of-august-1st-2.png

mtsi-manufacturing-pmi-composite-indexes-week-of-july-25th-1.png

Index	June 2025	July 2025
General PMI	-0.95	-0.49
Shipments	-0.64	-0.37
New Orders	-0.84	-0.50
Production	-0.41	-0.70
Employment	-0.77	-0.49
Prices Paid	0.76	0.98
Prices Received	1.06	1.10

The MTSI Manufacturing PMI Composite Index improved to -0.49 in July from -0.95 in June, signaling some recovery in manufacturing conditions despite staying in negative territory with 5/9 surveys reported.

Shipments rose to -0.37 (from -0.64), while new orders improved to -0.50 (from -0.84), indicating a modest rebound in demand.
Employment ticked higher to -0.49 (from -0.77), though still below average.
Prices Paid increased to 0.98 (from 0.76) and Prices Received rose to 1.10 (from 1.06), suggesting rising inflation pressures in the supply chain.
Despite the uptick, production weakened to -0.70 (from -0.41), pointing to ongoing strain in output capacity.

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