Kansas City Fed Manufacturing Survey: November 2025

The Tenth District Manufacturing Composite Index rose to +8 in November (from +6 in October), marking a third straight month of strengthening factory activity across both durable and nondurable industries.
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Production increased to +18 (Oct: +15), showing a stronger pickup in output, led by machinery, furniture, food, and printing manufacturing.
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Shipments rose to +12 (Oct: +4), indicating firmer movement of finished goods compared with last month.
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New orders held at +2 (Oct: +1), suggesting modest demand growth even as backlogs remained weak at -2 (Oct: -1).
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Employment improved to +7 (Oct: +1), while the average employee workweek ticked up to +1 (Oct: -3), pointing to better labor utilization.
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Prices received eased to +14 (Oct: +19) and prices paid softened to +34 (Oct: +37), showing slightly slower cost and selling-price pressures.
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Inventories of materials declined to -1 (Oct: +1), while finished goods inventories increased to +3 (Oct: +2), reflecting mixed stock levels across inputs and outputs.
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The future composite index dipped to +9 (Oct: +14), though firms’ expectations for future new orders (+6) and future employment (+11) both improved, keeping the near-term outlook positive.
