Manufacturing PMI® at 48.2%; November 2025 ISM® Manufacturing PMI® Report

New Orders Contracting; Production Expanding; Employment Contracting; Supplier Deliveries Faster; Raw Materials Inventories Contracting; Customers’ Inventories Too Low; Prices Increasing; Exports and Imports Contracting

TEMPE, Ariz., Dec. 1, 2025 /PRNewswire/ — Economic activity in the manufacturing sector contracted in November for the ninth consecutive month, following a two-month expansion preceded by 26 straight months of contraction, say the nation’s supply executives in the latest ISM^® Manufacturing PMI^® Report.

The report was issued today by Susan Spence, MBA, Chair of the Institute for Supply Management^® (ISM^®) Manufacturing Business Survey Committee.

“The Manufacturing PMI^® registered 48.2 percent in November, a 0.5-percentage point decrease compared to the reading of 48.7 percent in October. The overall economy continued in expansion for the 67th month after one month of contraction in April 2020. (A Manufacturing PMI^® above 42.3 percent, over a period of time, generally indicates an expansion of the overall economy.) The New Orders Index contracted for a third straight month in November following one month of growth; the figure of 47.4 percent is 2 percentage points lower than the 49.4 percent recorded in October. The November reading of the Production Index (51.4 percent) is 3.2 percentage points higher than October’s figure of 48.2 percent. The Prices Index remained in expansion (or ‘increasing’ territory), registering 58.5 percent, up 0.5 percentage point compared to the reading of 58 percent reported in October. The Backlog of Orders Index registered 44 percent, down 3.9 percentage points compared to the 47.9 percent recorded in October. The Employment Index registered 44 percent, down 2 percentage points from October’s figure of 46 percent.

“The Supplier Deliveries Index indicated faster delivery performance after three consecutive (and 14 of the previous 16) months in ‘slower’ territory. The reading of 49.3 percent is down 4.9 percentage points from the 54.2 percent recorded in October. (Supplier Deliveries is the only ISM^® PMI^® Reports index that is inversed; a reading of above 50 percent indicates slower deliveries, which is typical as the economy improves and customer demand increases.) The Inventories Index registered 48.9 percent, up 3.1 percentage points compared to October’s reading of 45.8 percent.

“The New Export Orders Index reading of 46.2 percent is 1.7 percentage points higher than the reading of 44.5 percent registered in October. The Imports Index registered 48.9 percent, 3.5 percentage points higher than October’s reading of 45.4 percent.”

Spence continues, “In November, U.S. manufacturing activity contracted at a faster rate, with pullbacks in supplier deliveries, new orders and employment leading to the 0.5-percentage point decrease of the Manufacturing PMI^®. Continuing a recent trend, a previous month’s improvement in one index was evident in another gauge. After new orders strengthened in August, production improved in September. An improvement in the Backlog of Orders Index in October transferred to the Production Index, which expanded in November (as backlogs pulled back). However, the New Orders and Employment indexes both dipped 2 percentage points, underscoring the ongoing economic uncertainty.

“Decreases in two of the four demand indicators (Backlog of Orders and New Orders) overwhelmed the gains posted by the New Export Orders and Customers’ Inventories indexes. The Customers’ Inventories Index contracted at a slower rate. A ‘too low’ status for the Customers’ Inventories Index is usually considered positive for future production.

“Regarding output, production jumped into expansion, but employment contracted at a faster pace, as 67 percent of panelists (the same as October) indicated that managing head counts is still the norm at their companies, as opposed to hiring.

“Finally, inputs (defined as supplier deliveries, inventories, prices and imports), were mixed, with the Supplier Deliveries Index indicating faster deliveries, the Inventories Index contracting at a slower rate, and the Prices Index continuing to reflect increases. The Imports Index contracted at a slower rate.

“Looking at the manufacturing economy, 58 percent of the sector’s gross domestic product (GDP) contracted in November, matching the previous month’s figure, and the percentage of GDP in strong contraction (registering a composite PMI^® of 45 percent or lower) decreased slightly, at 39 percent compared to 41 percent in October. The share of sector GDP with a PMI^® at or below 45 percent is a good metric to gauge overall manufacturing weakness. Of the six largest manufacturing industries, three (Computer & Electronic Products; Food, Beverage & Tobacco Products; and Machinery) expanded in November,” says Spence.

The four manufacturing industries reporting growth in November are: Computer & Electronic Products; Food, Beverage & Tobacco Products; Miscellaneous Manufacturing; and Machinery. The 11 industries reporting contraction in November — in the following order — are: Apparel, Leather & Allied Products; Wood Products; Paper Products; Textile Mills; Fabricated Metal Products; Petroleum & Coal Products; Chemical Products; Nonmetallic Mineral Products; Furniture & Related Products; Transportation Equipment; and Plastics & Rubber Products.

WHAT RESPONDENTS ARE SAYING

• “New order entries are within the forecast. We have increased requests from customers to get their orders sooner. Transit time on imports seems to be longer.” (Machinery)
• “We are starting to institute more permanent changes due to the tariff environment. This includes reduction of staff, new guidance to shareholders, and development of additional offshore manufacturing that would have otherwise been for U.S. export.” (Transportation Equipment)
• “Tariffs and economic uncertainty continue to weigh on demand for adhesives and sealants, which are primarily used in building construction.” (Chemical Products)
• “No major changes at this time, but going into 2026, we expect to see big changes with cash flow and employee head count. The company has sold off a big part of the business that generated free cash while offering voluntary severance packages to anyone.” (Petroleum & Coal Products)
• “Business conditions remain soft as a result of higher costs from tariffs, the government shutdown, and increased global uncertainty.” (Miscellaneous Manufacturing)
• “The unstable market has made pricing fluctuate in a very volatile way; I have had to reduce suppliers for raw materials to maintain a better direct cost structure. Reducing my suppliers has reduced the availability of some items and created longer lead times.” (Fabricated Metal Products)
• “Business continues to be a struggle regarding long-term sourcing decisions based on tariffs and landing costs. External (or international) sourcing remains the lowest-cost solution compared to U.S. production/manufacturing. The delta is smaller now, reducing margins.” (Computer & Electronic Products)
• “The government shutdown has impacted our access to agricultural data, impacting agricultural markets and, as a result, decisions we make. Optimism for a tariff exemption on palm oil percolated but hasn’t come to fruition at this time.” (Food, Beverage & Tobacco Products)
• “Trade confusion. At any given point, trade with our international partners is clouded and difficult. Suppliers are finding more and more errors when attempting to export to the U.S. — before I even have the opportunity to import. Freight organizations are also having difficulties overseas, contending with changing regulations and uncertainty. Conditions are more trying than during the coronavirus pandemic in terms of supply chain uncertainty.” (Electrical Equipment, Appliances & Components)
• “Domestic and export business have been lackluster. Our customers are taking prompt orders only and still don’t have confidence to build inventory, much less make expansion plans. In fact, most of any kind of ‘planning’ has been undermined by unpredictability due to inconsistent messaging from Washington. Artificial intelligence is in its infancy stages, producing confusing and most often inaccurate information. This also causes apprehensive consumer buying patterns, contributing to the challenge of forecasting demand.” (Wood Products)

ISM^® Manufacturing PMI^® Report data is seasonally adjusted for the New Orders, Production, Employment and Inventories indexes.

*Number of months moving in current direction.

COMMODITIES REPORTED UP/DOWN IN PRICE AND IN SHORT SUPPLY

Commodities Up in Price
Aluminum (24); Copper (5); Critical Minerals; Electrical Components; Electronic Components (3); Natural Gas; Steel*; and Steel — Hot Rolled.

Commodities Down in Price
Freight Packing Materials; Gasoline; Polypropylene Resin (3); and Steel* (4).

Commodities in Short Supply
Electrical Components (5); Electronic Components (9); Labor (3); Rare Earth Components; and Rare Earth Magnets (3).

Note: The number of consecutive months the commodity is listed is indicated after each item.
*Indicates both up and down in price.

NOVEMBER 2025 MANUFACTURING INDEX SUMMARIES

Manufacturing PMI^®
The U.S. manufacturing sector contracted in November for the ninth consecutive month after two months of expansion preceded by 26 months of contraction. “The Manufacturing PMI^® registered 48.2 percent in November, a 0.5-percentage point decrease compared to the 48.7 percent recorded in October. Of the five subindexes that directly factor into the Manufacturing PMI^®, one is in expansion territory, the same number as in October. The Production Index returned to expansion, gaining 3.2 percentage points. The New Orders and Employment index contracted at faster rates, and the Inventories Index increased but remained in contraction. Of the six biggest manufacturing industries, three (Computer & Electronic Products; Food, Beverage & Tobacco Products; and Machinery) registered growth in November,” says Spence. A reading above 50 percent indicates that the manufacturing sector is generally expanding; below 50 percent indicates that it is generally contracting.

A Manufacturing PMI^® above 42.3 percent, over a period of time, generally indicates an expansion of the overall economy. Therefore, the November Manufacturing PMI^® indicates the overall economy grew for the 67th straight month after contracting in April 2020. “The past relationship between the Manufacturing PMI^® and the overall economy indicates that the November reading (48.2 percent) corresponds to a 1.7-percent increase in real gross domestic product (GDP) on an annualized basis,” says Spence.

THE LAST 12 MONTHS

New Orders
ISM^®‘s New Orders Index contracted for the third consecutive month in November after one month in expansion, registering 47.4 percent, a decrease of 2 percentage points compared to October’s figure of 49.4 percent. This reading is below the 12-month average (48.9 percent) for the New Orders Index, which hasn’t indicated consistent growth since a 24-month streak of expansion ended in May 2022. “Of the six largest manufacturing industries, three (Computer & Electronic Products; Machinery; and Food, Beverage & Tobacco Products) reported increased new orders. For every positive comment about new orders, there were 1.2 comments expressing concern about near-term demand, driven primarily by tariff costs and uncertainty,” says Spence. A New Orders Index above 52.1 percent, over time, is generally consistent with an increase in the Census Bureau’s series on manufacturing orders (in constant 2000 dollars).

The six manufacturing industries that reported growth in new orders in November — in the following order — are: Electrical Equipment, Appliances & Components; Computer & Electronic Products; Machinery; Miscellaneous Manufacturing; Food, Beverage & Tobacco Products; and Primary Metals. The nine industries reporting a decline in new orders in November, in order, are: Wood Products; Textile Mills; Apparel, Leather & Allied Products; Paper Products; Fabricated Metal Products; Petroleum & Coal Products; Nonmetallic Mineral Products; Transportation Equipment; and Chemical Products.

Production
The Production Index expanded in November, registering 51.4 percent, 3.2 percentage points higher than the October reading of 48.2 percent. “Of the six largest manufacturing industries, three (Food, Beverage & Tobacco Products; Computer & Electronic Products; and Machinery) reported increased production. Panelists had a 1-to-1 ratio of positive to negative comments regarding output,” says Spence. An index above 52.1 percent, over time, is generally consistent with an increase in the Federal Reserve Board’s Industrial Production figures.

The seven industries reporting growth in production during the month of November — in the following order — are: Food, Beverage & Tobacco Products; Computer & Electronic Products; Miscellaneous Manufacturing; Machinery; Plastics & Rubber Products; Electrical Equipment, Appliances & Components; and Primary Metals. The five industries reporting a decrease in production in November are: Wood Products; Nonmetallic Mineral Products; Fabricated Metal Products; Paper Products; and Chemical Products. Six industries reported no change in production in November.

Employment
ISM^®‘s Employment Index registered 44 percent in November, 2 percentage points lower than October’s reading of 46 percent. “The index posted its 10th consecutive month of contraction after expanding in January, with seven straight months of contraction before that. Since May 2022, the Employment Index has contracted in 36 of 43 months. Of the six big manufacturing industries, two (Computer & Electronic Products; and Machinery) reported higher levels of employment in November. For every comment on hiring, there were 3.4 on reducing head counts, equaling the ratio in October. Companies continued to focus on accelerating staff reductions due to uncertain near- to mid-term demand. The main head-count management strategies remain layoffs and not filling open positions,” says Spence. An Employment Index above 50.3 percent, over time, is generally consistent with an increase in the Bureau of Labor Statistics (BLS) data on manufacturing employment.

Of the 18 manufacturing industries, two reported employment growth in November: Computer & Electronic Products; and Machinery. The 12 industries reporting a decrease in employment in November, in the following order, are: Apparel, Leather & Allied Products; Wood Products; Paper Products; Textile Mills; Petroleum & Coal Products; Furniture & Related Products; Electrical Equipment, Appliances & Components; Chemical Products; Miscellaneous Manufacturing; Transportation Equipment; Food, Beverage & Tobacco Products; and Fabricated Metal Products.

Supplier Deliveries^†
Delivery performance of suppliers to manufacturing organizations was faster in November, after three months of slower deliveries. “The Supplier Deliveries Index registered 49.3 percent, a 4.9-percentage point decrease compared to the reading of 54.2 percent reported in October. The index is below 50 percent for just the third time in 17 months,” says Spence. Of the six big industries, two (Computer & Electronic Products; and Food, Beverage & Tobacco Products) reported slower supplier deliveries. A reading below 50 percent indicates faster deliveries, while a reading above 50 percent indicates slower deliveries.

The five manufacturing industries reporting slower supplier deliveries in November are: Furniture & Related Products; Computer & Electronic Products; Primary Metals; Food, Beverage & Tobacco Products; and Fabricated Metal Products. The seven industries reporting faster supplier deliveries in November, in order, are: Paper Products; Plastics & Rubber Products; Miscellaneous Manufacturing; Chemical Products; Electrical Equipment, Appliances & Components; Machinery; and Transportation Equipment. Six industries reported no change in supplier deliveries in November.

Inventories
The Inventories Index registered 48.9 percent in November, up 3.1 percentage points compared to the reading of 45.8 percent in October. “Of the six big industries, two (Food, Beverage & Tobacco Products; and Computer & Electronic Products) expanded in November,” says Spence. An Inventories Index greater than 44.5 percent, over time, is generally consistent with expansion in the Bureau of Economic Analysis (BEA) figures on overall manufacturing inventories (in chained 2000 dollars).

Of 18 manufacturing industries, the five reporting higher inventories in November are: Textile Mills; Nonmetallic Mineral Products; Food, Beverage & Tobacco Products; Miscellaneous Manufacturing; and Computer & Electronic Products. The 10 industries reporting lower inventories in November — listed in order — are: Apparel, Leather & Allied Products; Furniture & Related Products; Wood Products; Paper Products; Primary Metals; Chemical Products; Plastics & Rubber Products; Machinery; Fabricated Metal Products; and Transportation Equipment.

Customers’ Inventories^†
ISM^®‘s Customers’ Inventories Index remained in “too low” territory in November, with a reading of 44.7 percent, an increase of 0.8 percentage point compared to the reading of 43.9 percent in October. “Customers’ inventory levels in November continued to contract but moved slightly toward ‘about right’ territory,” says Spence. (For more information about the Customers’ Inventories Index, see the “Data and Method of Presentation” section below.)

The only industry reporting customers’ inventories as too high in November is Electrical Equipment, Appliances & Components. The 11 industries reporting customers’ inventories as too low in November, in order, are: Primary Metals; Plastics & Rubber Products; Paper Products; Furniture & Related Products; Miscellaneous Manufacturing; Food, Beverage & Tobacco Products; Fabricated Metal Products; Machinery; Transportation Equipment; Chemical Products; and Computer & Electronic Products. Six industries reported no change in customers’ inventories in November.

Prices^†
The ISM^® Prices Index registered 58.5 percent in November, increasing 0.5 percentage point compared to the previous month’s reading of 58 percent, indicating raw materials prices increased for the 14th straight month (and at a faster rate compared to October). The Prices Index has increased 6 percentage points over the past 12 months. Of the six largest manufacturing industries, five (Machinery; Transportation Equipment; Food, Beverage & Tobacco Products; Computer & Electronic Products; and Chemical Products) reported price increases in November. “The Prices Index reading continues to be driven by increases in steel and aluminum prices that impact the entire value chain, as well as tariffs applied to many imported goods. Higher prices were reported by 27.2 percent of respondents in November, down just 0.1 percentage point from 27.3 percent in October and compared to 49.2 percent in April, which was the highest level since June 2022 (65.2 percent),” says Spence. A Prices Index above 52.8 percent, over time, is generally consistent with an increase in the Bureau of Labor Statistics (BLS) Producer Price Index for Intermediate Materials.

In November, the 12 industries that reported paying increased prices for raw materials, in order, are: Apparel, Leather & Allied Products; Electrical Equipment, Appliances & Components; Primary Metals; Machinery; Wood Products; Transportation Equipment; Food, Beverage & Tobacco Products; Nonmetallic Mineral Products; Fabricated Metal Products; Computer & Electronic Products; Miscellaneous Manufacturing; and Chemical Products. The two industries that reported paying decreased prices for raw materials in November are: Plastics & Rubber Products; and Petroleum & Coal Products.

Backlog of Orders^†
ISM^®‘s Backlog of Orders Index registered 44 percent, a decrease of 3.9 percentage points compared to the October reading of 47.9 percent, indicating order backlogs contracted for the 38th consecutive month after a 27-month period of expansion that ended in September 2022. Of the six largest manufacturing industries, only one (Food, Beverage & Tobacco Products) reported expansion in order backlogs in November. “Another month of contraction in the Backlog of Orders Index suggests that trade-related and geopolitical factors persist. Not much improvement is expected until those influences diminish,” says Spence.

Of the 18 manufacturing industries, the three that reported growth in order backlogs in November are: Electrical Equipment, Appliances & Components; Food, Beverage & Tobacco Products; and Fabricated Metal Products. The 11 industries reporting lower backlogs in November — in the following order — are: Paper Products; Wood Products; Textile Mills; Plastics & Rubber Products; Nonmetallic Mineral Products; Chemical Products; Primary Metals; Computer & Electronic Products; Transportation Equipment; Machinery; and Miscellaneous Manufacturing.

New Export Orders^†
ISM^®‘s New Export Orders Index contracted in November, registering 46.2 percent, up 1.7 percentage points from October’s reading of 44.5 percent. “Export orders contracted for the ninth consecutive month after growing in January and February. That brief period of expansion followed an ‘unchanged’ status (a reading of 50 percent) in December, preceded by six straight months of contraction. Despite a 1.7-percentage-point improvement in the New Export Orders Index, trade frictions continue to weigh on demand. Many panelists still report softer international orders tied to tariffs and ongoing uncertainty around U.S. economic policy,” says Spence.

Of the 18 manufacturing industries, the two that reported growth in new export orders in November are Primary Metals; and Computer & Electronic Products. The 10 industries that reported a decrease in new export orders in November — in the following order — are: Wood Products; Paper Products; Food, Beverage & Tobacco Products; Electrical Equipment, Appliances & Components; Transportation Equipment; Plastics & Rubber Products; Fabricated Metal Products; Machinery; Miscellaneous Manufacturing; and Chemical Products. Six industries reported no change in new export orders in November.

Imports^†
ISM^®‘s Imports Index remained in contraction for the eighth straight month in November after a three-month period of expansion. The November figure of 48.9 percent is an increase of 3.5 percentage points compared to the reading of 45.4 percent reported in October. “Imports remained in contraction, indicating that tariff-related pricing pressures and softer demand are still influencing purchasing behavior,” says Spence.

The five industries reporting higher imports in November are: Primary Metals; Computer & Electronic Products; Food, Beverage & Tobacco Products; Miscellaneous Manufacturing; and Fabricated Metal Products. The eight industries that reported lower volumes of imports in November — in the following order — are: Wood Products; Nonmetallic Mineral Products; Furniture & Related Products; Paper Products; Electrical Equipment, Appliances & Components; Machinery; Transportation Equipment; and Chemical Products.

^†The Supplier Deliveries, Customers’ Inventories, Prices, Backlog of Orders, New Export Orders, and Imports indexes do not meet the accepted criteria for seasonal adjustments.

Buying Policy
The average commitment lead time for Capital Expenditures in November was 171 days, an increase of 3 days compared to October. The average lead time in November for Production Materials was 81 days, an increase of one day compared to October. The average lead time for Maintenance, Repair and Operating (MRO) Supplies was 47 days, the same as in October.

About This Report
DO NOT CONFUSE THIS NATIONAL REPORT with the various regional purchasing reports released across the country. The national report’s information reflects the entire U.S., while the regional reports contain primarily regional data from their local vicinities. Also, the information in the regional reports is not used in calculating the results of the national report. The information compiled in this report is for the month of November 2025.

The data presented herein is obtained from a survey of manufacturing supply executives based on information they have collected within their respective organizations. ISM^® makes no representation, other than that stated within this release, regarding the individual company data collection procedures. The data should be compared to all other economic data sources when used in decision-making.

Data and Method of Presentation
The ISM^® Manufacturing PMI^® Report is based on data compiled from purchasing and supply executives nationwide. The composition of the Manufacturing Business Survey Panel is stratified according to the North American Industry Classification System (NAICS) and each of the following NAICS-based industries’ contribution to gross domestic product (GDP): Food, Beverage & Tobacco Products; Textile Mills; Apparel, Leather & Allied Products; Wood Products; Paper Products; Printing & Related Support Activities; Petroleum & Coal Products; Chemical Products; Plastics & Rubber Products; Nonmetallic Mineral Products; Primary Metals; Fabricated Metal Products; Machinery; Computer & Electronic Products; Electrical Equipment, Appliances & Components; Transportation Equipment; Furniture & Related Products; and Miscellaneous Manufacturing (products such as medical equipment and supplies, jewelry, sporting goods, toys and office supplies). The data are weighted based on each industry’s contribution to GDP. According to U.S. Bureau of Economic Analysis (BEA) estimates (the average of the fourth quarter 2023 GDP estimate and the GDP estimates for first, second, and third quarter 2024, as released on December 19, 2024), the six largest manufacturing industries are: Chemical Products; Transportation Equipment; Computer & Electronic Products; Food, Beverage & Tobacco Products; Machinery; and Petroleum & Coal Products.

Survey responses reflect the change, if any, in the current month compared to the previous month. For nine indicators (New Orders, Backlog of Orders, New Export Orders, Imports, Production, Supplier Deliveries, Inventories, Employment, and Prices), this report shows the percentage reporting each response, the net difference between the number of responses in the positive economic direction (higher, better and slower for Supplier Deliveries) and the negative economic direction (lower, worse and faster for Supplier Deliveries), and the diffusion index. For Customers’ Inventories, respondents report their assessment of their customers’ stock levels of respondent companies’ products this month (rather than last month): too high, about right, and too low. Responses are raw data and are never changed. The diffusion index includes the percent of positive responses plus one-half of those responding the same (considered positive).

The resulting single index number for those meeting the criteria for seasonal adjustments (Manufacturing PMI^®, New Orders, Production, Employment and Inventories) is then seasonally adjusted to allow for the effects of repetitive intra-year variations resulting primarily from normal differences in weather conditions, various institutional arrangements, and differences attributable to non-moveable holidays. All seasonal adjustment factors are subject annually to relatively minor changes when conditions warrant them. The Manufacturing PMI^® is a composite index based on the diffusion indexes of five of the indexes with equal weights: New Orders (seasonally adjusted), Production (seasonally adjusted), Employment (seasonally adjusted), Supplier Deliveries, and Inventories (seasonally adjusted).

Diffusion indexes have the properties of leading indicators and are convenient summary measures showing the prevailing direction of change and the scope of change. A Manufacturing PMI^® reading above 50 percent indicates that the manufacturing economy is generally expanding; below 50 percent indicates that it is generally declining. A Manufacturing PMI^® above 42.3 percent, over a period of time, indicates that the overall economy, or gross domestic product (GDP), is generally expanding; below 42.3 percent, it is generally declining. The distance from 50 percent or 42.3 percent is indicative of the extent of the expansion or decline. With some of the indicators within this report, ISM^® has indicated the departure point between expansion and decline of comparable government series, as determined by regression analysis. For the Customers’ Inventories Index, numerically, a reading: above 50 percent is “too high,” equal to 50 percent is “about right,” and below 50 percent is “too low.” However, in practice and in the context of other data, customers’ inventories may be considered to be “about right” if the diffusion index is between 52 percent (the high side of about right) and 48 percent (the low side of about right).

The ISM^® Manufacturing PMI^® Report survey is sent out to Manufacturing Business Survey Panel respondents the first part of each month. Respondents are asked to report on information for the current month for U.S. operations only. ISM^® receives survey responses throughout most of any given month, with the majority of respondents generally waiting until late in the month to submit responses to give the most accurate picture of current business activity. ISM^® then compiles the report for release on the first business day of the following month.

The industries reporting growth, as indicated in the ISM^® Manufacturing PMI^® Report, are listed in the order of most growth to least growth. For the industries reporting contraction or decreases, those are listed in the order of the highest level of contraction/decrease to the least level of contraction/decrease.

Responses to Buying Policy reflect the percent reporting the current month’s lead time, the approximate weighted number of days ahead for which commitments are made for Capital Expenditures; Production Materials; and Maintenance, Repair and Operating (MRO) Supplies, expressed as hand-to-mouth (five days), 30 days, 60 days, 90 days, six months (180 days), a year or more (360 days), and the weighted average number of days. These responses are raw data, never revised, and not seasonally adjusted.

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About Institute for Supply Management^® (ISM^®)
Institute for Supply Management^® (ISM^®) is the first and leading not-for-profit professional supply management organization worldwide. Its community of more than 50,000 in more than 100 countries around the world manage about US$1 trillion in corporate and government supply chain procurement annually. Founded in 1915 by practitioners, ISM is committed to advancing the strategy and practice of integrated, end-to-end supply chain management through leading edge data-driven resources, community, and education to empower individuals, create organizational value and to drive competitive advantage. ISM’s vision is to foster a prosperous, sustainable world. ISM empowers and leads the profession through the ISM^® PMI^® Reports (formerly Report On Business^®), its highly regarded certification and training programs, corporate services, events and assessments. The ISM^® PMI^® Reports — Manufacturing and Services — are two of the most reliable economic indicators available, providing guidance to supply management professionals, economists, analysts, and government and business leaders. For more information, please visit: www.ismworld.org.

The full text version of the ISM^® Manufacturing PMI^® Report is posted on ISM^®‘s website at www.ismrob.org on the first business day* of every month after 10:00 a.m. ET. The one exception is in January when the report is released on the second business day of the month.

The next ISM^® Manufacturing PMI^® Report featuring December 2025 data will be released at 10:00 a.m. ET on Monday, January 5, 2026.

*Unless the New York Stock Exchange is closed.

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SOURCE Institute for Supply Management