The ISM Manufacturing PMI in the US fell to 48.5 in May 2025 from 48.7 in April, below market expectations of 49.5.
The reading marked the third consecutive month of contraction in the manufacturing sector and the sharpest decline since November 2024, highlighting mounting economic uncertainty and sustained cost pressures, partly driven by volatile trade policies under the Trump administration.
Output, new orders, employment, and backlog of orders all declined but at a slower pace, while new export sales dropped more sharply. Meanwhile, the Inventories Index slipped into contraction territory after expanding previously due to pull-forward buying ahead of tariffs.
The Supplier Deliveries Index signaled ongoing delays, reflecting persistent bottlenecks at ports of entry. Although tariff-driven price growth eased slightly, it remained elevated overall.
Source: Trading Economics
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