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.