ISM Manufacturing PMI at 48.2%

Source: Dukascopy Bank SA
In November 2025, the U.S. manufacturing sector continued to contract, with the Manufacturing PMI at 48.2% for the ninth consecutive month, even as the overall economy kept growing. Production improved and moved into expansion, but new orders and employment fell, with many companies reducing staff rather than hiring. Raw material prices, particularly steel and aluminum, rose for the 14th month, while supplier deliveries sped up and customer inventories remained low, signaling potential for future production. Trade activity stayed weak, with exports and imports contracting due to tariffs and global uncertainty.



Industry performance was mixed, with electronics, food and beverage, and machinery growing, while apparel, wood, and paper declined. Manufacturers faced challenges from tariffs, market volatility, political uncertainty, and shortages of key components, and lead times for production and capital spending increased slightly. Overall, manufacturing is under pressure from weak demand and rising costs, but stronger production, faster deliveries, and low inventories offer some optimism for future growth

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