ISM report on Manufacturing at 48.7%

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Source: Dukascopy Bank SA
The April 2025 ISM® Manufacturing PMI® registered 48.7%, down slightly from 49.0% in March, indicating a second consecutive month of contraction in the manufacturing sector following two months of marginal expansion. This suggests that manufacturing continues to struggle despite broader economic growth. Demand indicators showed weakness, with the New Orders Index at 47.2% (up from 45.2% in March), the Backlog of Orders Index at 43.7% (down from 44.5%), and the New Export Orders Index falling sharply to 43.1% from 49.6%, signaling significant global demand deterioration.

The Customers' Inventories Index remained in "too low" territory, indicating that while inventories are lean, new orders are not materializing at a strong pace. Output and employment also weakened, as the Production Index dropped to 44.0% from 48.3%, showing a deepening contraction in factory output, and the Employment Index rose slightly to 46.5% from 44.7%, still reflecting workforce reductions. Input conditions were mixed; the Supplier Deliveries Index rose to 55.2% (indicating slower deliveries), Inventories remained in expansion at 50.8% but dropped from 53.4%, and the Prices Index climbed to 69.8%, showing continued inflationary pressure.



The Imports Index fell into contraction at 47.1%, down from 50.1%. Forty-one percent of manufacturing GDP was in contraction (down from 46% in March), and 18% of the sector had PMI readings at or below 45%, a significant increase from 7% in March, highlighting deeper pockets of weakness. Among the six largest manufacturing industries, four expanded: Petroleum & Coal Products, Computer & Electronic Products, Machinery, and Chemical Products. Eleven industries reported overall growth in April, while six reported contraction.
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