ISM Manufacturing PMI rises

Source: Dukascopy Bank SA
In June 2025, U.S. manufacturing activity contracted for the fourth straight month, with the Manufacturing PMI® rising slightly to 49% from 48.5% in May. This signals the sector is still shrinking, though at a slower pace, while the broader economy continues its long expansion. New orders fell for the fifth month in a row, dropping to 46.4%, showing continued weak demand. Backlogs also declined, pointing to fewer future orders. However, production increased to 50.3%, moving back into growth as companies worked through existing demand. Despite this, employment slid further into contraction at 45%, indicating firms remain cautious about hiring.



Supplier deliveries were still slow, but the pace of delays improved, and inventories contracted more slowly than before. Prices kept rising sharply, largely due to tariffs, while both exports and imports remained weak but showed improvement from May's lows. About 46% of manufacturing GDP was in contraction, down from 57% in May, though the share experiencing severe contraction rose to 25%. Among the largest industries, four out of six — including petroleum, electronics, machinery, and food — expanded. Overall, the data show manufacturing remains under pressure, with mixed signals: production is up, but new orders, backlogs, and jobs are down, reflecting an industry that is still cautious amid uncertainty.

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