Groowe Groowe BETA / Newsroom
⏱ News is delayed by 15 minutes. Sign in for real-time access. Sign in

Manufacturing PMI® at 47.9%; December 2025 ISM® Manufacturing PMI® Report

prnewswire.com
IBM This industry showed growth in December, with increased new orders and production. However, employment contracted, and supplier deliveries were slower. The overall sentiment is mixed but leans neutral due to its expansion in a contracting sector. GE This industry reported growth in December, with increased new orders. However, employment contracted, and supplier deliveries were slower. The overall sentiment is mixed but leans neutral due to its expansion in a contracting sector. CAT This industry reported contraction in new orders and production, but employment increased. Supplier deliveries were slower. The sentiment is neutral due to mixed indicators within the industry. BA This industry showed mixed signals with increased production but contracted new orders and employment. Supplier deliveries were faster, but imports contracted. The overall sentiment is neutral. DD This industry reported contraction in new orders, production, and employment. Prices decreased, but imports contracted faster. The overall sentiment is neutral due to the broad contraction. XOM This industry reported contraction in new orders, production, and employment. Imports also contracted. The overall sentiment is neutral due to the broad contraction. NUE This industry reported contraction in new orders, production, and employment. Supplier deliveries were slower, and imports contracted. The overall sentiment is neutral due to the broad contraction. PPG This industry is not explicitly mentioned as growing or contracting in the main summary, but it is part of the broader manufacturing sector which is contracting. Specific details for this industry are not provided, leading to a neutral sentiment. AMZN While not directly mentioned, Amazon's business is heavily reliant on manufacturing and supply chains. The overall contraction in manufacturing and slower supplier deliveries could indicate a neutral to slightly bearish short-term impact on logistics and inventory management. WMT Walmart's retail operations are tied to manufacturing output. The contraction in new orders and production suggests potentially slower consumer demand for manufactured goods, leading to a neutral sentiment. MSFT Microsoft's business, particularly its cloud services and hardware, is indirectly affected by manufacturing activity. The contraction in the manufacturing sector and specific mention of Computer & Electronic Products showing growth suggests a mixed but overall neutral impact. GOOG Alphabet's diverse operations, including cloud and hardware, are indirectly linked to manufacturing. The contraction in the broader manufacturing sector, with specific growth in Computer & Electronic Products, suggests a neutral sentiment. AAPL Apple's reliance on manufacturing, particularly in Computer & Electronic Products, is significant. While this sector showed growth, the overall manufacturing contraction and slower supplier deliveries present a mixed picture, leading to a neutral sentiment. TSLA Tesla, as a manufacturer of vehicles and energy products, is part of the broader manufacturing sector. The contraction in new orders and employment, despite some growth in specific industries, suggests a neutral sentiment for Tesla. GM General Motors is a key player in the Transportation Equipment industry, which showed mixed signals. While production increased, new orders and employment contracted. This mixed performance leads to a neutral sentiment. F Ford, within the Transportation Equipment sector, faces a mixed outlook. Increased production is offset by contracting new orders and employment. This creates a neutral sentiment for the company. NVDA Nvidia's business is closely tied to the Computer & Electronic Products sector, which showed growth. However, the overall manufacturing contraction and supply chain issues present a mixed environment, leading to a neutral sentiment. INTC Intel operates within the Computer & Electronic Products sector, which grew. However, broader manufacturing contraction and employment declines suggest a neutral sentiment due to the conflicting economic signals. AMD AMD is part of the Computer & Electronic Products sector, which expanded. However, the overall manufacturing contraction and employment issues create a mixed economic picture, resulting in a neutral sentiment. MU Micron operates in the Computer & Electronic Products sector, which showed growth. However, the overall manufacturing contraction and employment declines suggest a neutral sentiment due to the broader economic context. QCOM Qualcomm is in the Computer & Electronic Products sector, which grew. However, the overall manufacturing contraction and employment issues suggest a neutral sentiment due to the mixed economic signals. AMAT Applied Materials serves the Computer & Electronic Products sector, which expanded. However, the broader manufacturing contraction and employment declines indicate a neutral sentiment due to the overall economic environment. LRCX Lam Research operates in the semiconductor equipment space, tied to Computer & Electronic Products which grew. However, the overall manufacturing contraction and employment issues suggest a neutral sentiment. KLAC KLA Corporation is in the semiconductor equipment industry, part of Computer & Electronic Products which grew. The broader manufacturing contraction and employment declines suggest a neutral sentiment. TXN Texas Instruments is in the Computer & Electronic Products sector, which expanded. However, the overall manufacturing contraction and employment issues suggest a neutral sentiment due to the mixed economic signals. ADI Analog Devices operates in the Computer & Electronic Products sector, which grew. However, the broader manufacturing contraction and employment declines indicate a neutral sentiment due to the overall economic environment. ON ON Semiconductor is in the Computer & Electronic Products sector, which expanded. However, the overall manufacturing contraction and employment issues suggest a neutral sentiment due to the mixed economic signals. NXPI NXP Semiconductors is in the Computer & Electronic Products sector, which grew. However, the broader manufacturing contraction and employment declines indicate a neutral sentiment due to the overall economic environment. MRVL Marvell Technology operates in the Computer & Electronic Products sector, which expanded. However, the overall manufacturing contraction and employment issues suggest a neutral sentiment due to the mixed economic signals. MCHP Microchip Technology is in the Computer & Electronic Products sector, which grew. However, the broader manufacturing contraction and employment declines indicate a neutral sentiment due to the overall economic environment. ALGN Align Technology is involved in medical devices, which falls under Miscellaneous Manufacturing. While this sector contracted, specific details for Align are not provided, leading to a neutral sentiment. SWKS Skyworks Solutions operates within the Computer & Electronic Products sector, which showed growth. However, the overall manufacturing contraction and employment declines suggest a neutral sentiment due to the broader economic context. EPAM EPAM Systems provides IT services, which are indirectly linked to manufacturing. The overall contraction in manufacturing, despite growth in Computer & Electronic Products, suggests a neutral sentiment. PTC PTC offers software solutions for product lifecycle management, used in manufacturing. The overall manufacturing contraction, despite growth in Computer & Electronic Products, suggests a neutral sentiment. CDNS Cadence Design Systems is in the semiconductor design software space, linked to Computer & Electronic Products which grew. However, the broader manufacturing contraction suggests a neutral sentiment. SNPS Synopsys operates in semiconductor design software, part of Computer & Electronic Products which expanded. The overall manufacturing contraction suggests a neutral sentiment. TER Teradyne provides testing equipment for semiconductors, related to Computer & Electronic Products which grew. However, the broader manufacturing contraction suggests a neutral sentiment. MDT Medtronic is in the medical device sector, part of Miscellaneous Manufacturing. While this sector contracted, specific details for Medtronic are not provided, leading to a neutral sentiment. RMD ResMed is in the medical device sector, part of Miscellaneous Manufacturing. While this sector contracted, specific details for ResMed are not provided, leading to a neutral sentiment. GEHC GE HealthCare is in the medical device sector, part of Miscellaneous Manufacturing. While this sector contracted, specific details for GE HealthCare are not provided, leading to a neutral sentiment. HON Honeywell operates in various industrial sectors, including aerospace and building technologies. The overall manufacturing contraction, despite growth in some areas, suggests a neutral sentiment. MMM 3M's diverse product portfolio is impacted by manufacturing activity. The contraction in new orders and employment, despite some industry growth, suggests a neutral sentiment. ETN Eaton Corporation is involved in electrical and industrial products. The overall manufacturing contraction, despite growth in some areas, suggests a neutral sentiment. ROK Rockwell Automation provides industrial automation solutions. The contraction in manufacturing and employment, despite growth in Computer & Electronic Products, suggests a neutral sentiment. DE Deere & Company is in the machinery sector, which saw mixed signals. Contraction in new orders and employment, alongside slower supplier deliveries, suggests a neutral sentiment. AGCO AGCO Corporation is in the agricultural machinery sector, part of Machinery. The contraction in new orders and employment, alongside slower supplier deliveries, suggests a neutral sentiment. PCAR PACCAR Inc manufactures trucks, part of Transportation Equipment. The mixed signals of increased production but contracted new orders and employment suggest a neutral sentiment. HOG Harley-Davidson is in the Miscellaneous Manufacturing sector, which contracted. Specific details for the company are not provided, leading to a neutral sentiment. YETI YETI Holdings produces coolers and drinkware, falling under Miscellaneous Manufacturing. While this sector contracted, specific details for YETI are not provided, leading to a neutral sentiment. BBY Best Buy's retail sales are influenced by consumer spending on electronics and appliances. The contraction in manufacturing and employment suggests a neutral to slightly bearish outlook for consumer demand. HD Home Depot's sales are linked to construction and home improvement, which are indirectly affected by manufacturing. The overall manufacturing contraction suggests a neutral sentiment. LOW Lowe's sales are tied to construction and home improvement. The contraction in manufacturing and employment suggests a neutral sentiment for consumer spending on related goods. COST Costco's broad retail offerings are influenced by overall economic health. The contraction in manufacturing and employment suggests a neutral sentiment regarding consumer purchasing power. TJX TJX's off-price retail model is sensitive to consumer spending. The contraction in manufacturing and employment suggests a neutral sentiment for discretionary spending. MGM MGM Resorts' business is tied to consumer discretionary spending. The contraction in manufacturing and employment suggests a neutral sentiment for leisure and travel spending. LVS Las Vegas Sands' operations depend on consumer discretionary spending. The contraction in manufacturing and employment suggests a neutral sentiment for tourism and entertainment. WYNN Wynn Resorts' business is linked to consumer discretionary spending. The contraction in manufacturing and employment suggests a neutral sentiment for luxury tourism and entertainment. CCL Carnival Corporation's cruise business relies on consumer discretionary spending. The contraction in manufacturing and employment suggests a neutral sentiment for travel and leisure. NCLH Norwegian Cruise Line Holdings' operations depend on consumer discretionary spending. The contraction in manufacturing and employment suggests a neutral sentiment for travel and leisure. DAL Delta Air Lines' performance is tied to business and leisure travel. The contraction in manufacturing and employment suggests a neutral sentiment for overall travel demand. UAL United Airlines' business is linked to travel demand. The contraction in manufacturing and employment suggests a neutral sentiment for both business and leisure travel. AAL American Airlines' operations depend on travel demand. The contraction in manufacturing and employment suggests a neutral sentiment for overall air travel. HPE HPE's IT infrastructure business is indirectly affected by manufacturing. The contraction in the sector, despite growth in Computer & Electronic Products, suggests a neutral sentiment. HPQ HP Inc.'s PC and printer sales are influenced by business and consumer spending. The contraction in manufacturing and employment suggests a neutral sentiment for demand. DELL Dell's PC and enterprise solutions business is tied to economic activity. The contraction in manufacturing and employment suggests a neutral sentiment for IT spending. LEN Lennar Corporation is a homebuilder. While not directly in manufacturing, the contraction in employment and overall economic uncertainty could impact housing demand, leading to a neutral sentiment. DHI D.R. Horton is a homebuilder. The contraction in employment and broader economic uncertainty could affect housing demand, resulting in a neutral sentiment. CF CF Industries Holdings produces nitrogen fertilizer. The contraction in manufacturing and employment suggests a neutral sentiment for agricultural inputs and overall economic activity. MOS The Mosaic Company produces fertilizer, an input for agriculture. The contraction in manufacturing and employment suggests a neutral sentiment for agricultural inputs and overall economic activity. ADM Archer Daniels Midland processes agricultural commodities. The contraction in manufacturing and employment suggests a neutral sentiment for food and agricultural markets. NSC Norfolk Southern transports goods via rail. The contraction in manufacturing and employment suggests reduced freight volumes, leading to a neutral sentiment. UNP Union Pacific transports goods via rail. The contraction in manufacturing and employment suggests reduced freight volumes, leading to a neutral sentiment. FDX FedEx's shipping volumes are tied to economic activity. The contraction in manufacturing and employment suggests reduced demand for shipping services, leading to a neutral sentiment. UPS UPS's shipping volumes are linked to economic activity. The contraction in manufacturing and employment suggests reduced demand for shipping services, leading to a neutral sentiment. JBLU JetBlue Airways' performance is tied to travel demand. The contraction in manufacturing and employment suggests a neutral sentiment for overall air travel. LUV Southwest Airlines' business relies on travel demand. The contraction in manufacturing and employment suggests a neutral sentiment for overall air travel. ALK Alaska Air Group's operations depend on travel demand. The contraction in manufacturing and employment suggests a neutral sentiment for overall air travel. SKX CROX Crocs, Inc. sells footwear, influenced by consumer discretionary spending. The contraction in manufacturing and employment suggests a neutral sentiment for discretionary purchases. UA Under Armour's sales are influenced by consumer discretionary spending. The contraction in manufacturing and employment suggests a neutral sentiment for athletic apparel and footwear. PVH PVH Corp. (Calvin Klein, Tommy Hilfiger) is affected by consumer discretionary spending. The contraction in manufacturing and employment suggests a neutral sentiment for apparel sales. RL Ralph Lauren's luxury apparel sales are tied to consumer discretionary spending. The contraction in manufacturing and employment suggests a neutral sentiment for its products. M Macy's department store sales are influenced by consumer spending. The contraction in manufacturing and employment suggests a neutral sentiment for retail sales. KSS Kohl's Corporation's retail sales are affected by consumer spending. The contraction in manufacturing and employment suggests a neutral sentiment for its apparel and home goods. ROST Ross Stores, Inc. is an off-price retailer sensitive to consumer spending. The contraction in manufacturing and employment suggests a neutral sentiment for discretionary purchases. BURL Burlington Stores, Inc. is an off-price retailer sensitive to consumer spending. The contraction in manufacturing and employment suggests a neutral sentiment for discretionary purchases. DLTR Dollar Tree's discount retail model is sensitive to consumer spending. The contraction in manufacturing and employment suggests a neutral sentiment for its price-sensitive customer base. DG Dollar General Corporation's discount retail model is sensitive to consumer spending. The contraction in manufacturing and employment suggests a neutral sentiment for its price-sensitive customer base. SBUX Starbucks' business is tied to consumer discretionary spending. The contraction in manufacturing and employment suggests a neutral sentiment for its coffee and food offerings. MCD McDonald's fast-food business is influenced by consumer spending. The contraction in manufacturing and employment suggests a neutral sentiment for its value offerings. YUM Yum! Brands (KFC, Pizza Hut, Taco Bell) is influenced by consumer spending. The contraction in manufacturing and employment suggests a neutral sentiment for its restaurant chains. CMG Chipotle's restaurant business is tied to consumer discretionary spending. The contraction in manufacturing and employment suggests a neutral sentiment for its food offerings. NDSN Nordson Corporation provides dispensing equipment, used in manufacturing. The contraction in the sector, despite growth in Computer & Electronic Products, suggests a neutral sentiment. TT Trane Technologies provides HVAC and building solutions. The overall manufacturing contraction, despite growth in some areas, suggests a neutral sentiment. PNR Pentair plc provides water system solutions. The overall manufacturing contraction, despite growth in some areas, suggests a neutral sentiment. GWW W.W. Grainger, Inc. distributes MRO supplies. The contraction in manufacturing and employment suggests reduced demand for MRO supplies, leading to a neutral sentiment. FAST Fastenal Company distributes industrial and construction supplies. The contraction in manufacturing and employment suggests reduced demand for its products, leading to a neutral sentiment. SYK Stryker Corporation is in the medical device sector, part of Miscellaneous Manufacturing. While this sector contracted, specific details for Stryker are not provided, leading to a neutral sentiment. ISRG Intuitive Surgical is in the medical device sector, part of Miscellaneous Manufacturing. While this sector contracted, specific details for Intuitive Surgical are not provided, leading to a neutral sentiment. ZBRA Zebra Technologies provides enterprise asset intelligence solutions, used in manufacturing and logistics. The contraction in the sector suggests a neutral sentiment. MSCI MSCI Inc. provides financial market data and tools. While not directly in manufacturing, the overall economic contraction and employment issues suggest a neutral sentiment for financial markets. BKNG Booking Holdings Inc. operates online travel agencies. The contraction in manufacturing and employment suggests a neutral sentiment for consumer discretionary spending on travel. EXPE Expedia Group, Inc. operates online travel agencies. The contraction in manufacturing and employment suggests a neutral sentiment for consumer discretionary spending on travel. MAR IHG InterContinental Hotels Group operates hotels. The contraction in manufacturing and employment suggests a neutral sentiment for business and leisure travel demand. ACN Accenture plc provides consulting and IT services. The contraction in manufacturing, despite growth in Computer & Electronic Products, suggests a neutral sentiment for business investment. ORCL Oracle Corporation provides cloud and enterprise software. The contraction in manufacturing, despite growth in Computer & Electronic Products, suggests a neutral sentiment for IT spending. SAP SAP SE is a foreign-listed company (ETR), but its US operations are affected. The contraction in manufacturing, despite growth in Computer & Electronic Products, suggests a neutral sentiment for enterprise software spending. CRM Salesforce, Inc. provides cloud-based software. The contraction in manufacturing, despite growth in Computer & Electronic Products, suggests a neutral sentiment for business software spending. NOW ServiceNow, Inc. provides cloud computing platforms. The contraction in manufacturing, despite growth in Computer & Electronic Products, suggests a neutral sentiment for business IT investment. ADBE Adobe Inc. provides creative and digital marketing software. The contraction in manufacturing, despite growth in Computer & Electronic Products, suggests a neutral sentiment for business software spending. PANW Palo Alto Networks provides cybersecurity solutions. The contraction in manufacturing, despite growth in Computer & Electronic Products, suggests a neutral sentiment for business IT investment. CSCO Cisco Systems, Inc. provides networking hardware and software. The contraction in manufacturing, despite growth in Computer & Electronic Products, suggests a neutral sentiment for IT infrastructure spending. CTAS Cintas Corporation provides business services, including uniforms and safety products. The contraction in manufacturing and employment suggests a neutral sentiment for business services demand. PAYX Paychex, Inc. provides payroll and HR services. The contraction in manufacturing and employment suggests a neutral sentiment for business services demand. ADP Automatic Data Processing, Inc. provides HR and payroll services. The contraction in manufacturing and employment suggests a neutral sentiment for business services demand. BBWI Brinker International operates casual dining restaurants. The contraction in manufacturing and employment suggests a neutral sentiment for consumer discretionary spending on dining out. EAT Eat'n Park Restaurants is a privately held company. The contraction in manufacturing and employment suggests a neutral sentiment for consumer discretionary spending on dining out. TXRH Texas Roadhouse, Inc. operates casual dining restaurants. The contraction in manufacturing and employment suggests a neutral sentiment for consumer discretionary spending on dining out. BJRI BJ's Restaurants, Inc. operates casual dining restaurants. The contraction in manufacturing and employment suggests a neutral sentiment for consumer discretionary spending on dining out. CAKE The Cheesecake Factory Incorporated operates casual dining restaurants. The contraction in manufacturing and employment suggests a neutral sentiment for consumer discretionary spending on dining out. DRI Darden Restaurants, Inc. operates casual dining restaurants. The contraction in manufacturing and employment suggests a neutral sentiment for consumer discretionary spending on dining out. RTX Raytheon Technologies Corporation is involved in aerospace and defense. The overall manufacturing contraction, despite growth in some areas, suggests a neutral sentiment. GD General Dynamics Corporation is involved in aerospace and defense. The overall manufacturing contraction, despite growth in some areas, suggests a neutral sentiment. LMT Lockheed Martin Corporation is involved in aerospace and defense. The overall manufacturing contraction, despite growth in some areas, suggests a neutral sentiment. AVAV AeroVironment, Inc. is involved in unmanned aircraft systems. The overall manufacturing contraction, despite growth in some areas, suggests a neutral sentiment. TXT Textron Inc. is involved in aerospace and defense. The overall manufacturing contraction, despite growth in some areas, suggests a neutral sentiment. BWXT BWX Technologies, Inc. is involved in nuclear components for defense and energy. The overall manufacturing contraction, despite growth in some areas, suggests a neutral sentiment. LULU Lululemon's athletic apparel sales are tied to consumer discretionary spending. The contraction in manufacturing and employment suggests a neutral sentiment for its products. ATHM Autohome Inc. is a foreign-listed company (NYSE), but its business is primarily in China. The US manufacturing contraction has little direct impact, leading to a neutral sentiment for its US operations. BILI Bilibili Inc. is a foreign-listed company (NASDAQ), but its business is primarily in China. The US manufacturing contraction has little direct impact, leading to a neutral sentiment for its US operations. IQ iQIYI, Inc. is a foreign-listed company (NASDAQ), but its business is primarily in China. The US manufacturing contraction has little direct impact, leading to a neutral sentiment for its US operations. JD JD.com, Inc. is a foreign-listed company (NASDAQ), but its business is primarily in China. The US manufacturing contraction has little direct impact, leading to a neutral sentiment for its US operations. NIO NIO Inc. is a foreign-listed company (NYSE), but its business is primarily in China. The US manufacturing contraction has little direct impact, leading to a neutral sentiment for its US operations. PAGS PagSeguro Digital Ltd. is a foreign-listed company (NYSE), but its business is primarily in Brazil. The US manufacturing contraction has little direct impact, leading to a neutral sentiment for its US operations. VIPS Vipshop Holdings Limited is a foreign-listed company (NYSE), but its business is primarily in China. The US manufacturing contraction has little direct impact, leading to a neutral sentiment for its US operations. XPEV XPeng Inc. is a foreign-listed company (NYSE), but its business is primarily in China. The US manufacturing contraction has little direct impact, leading to a neutral sentiment for its US operations. ZM Zoom's business is tied to remote work and communication needs. The contraction in manufacturing and employment suggests a neutral sentiment for its services. SNOW Snowflake's cloud data warehousing business is indirectly affected by economic activity. The contraction in manufacturing and employment suggests a neutral sentiment for data infrastructure spending. DDOG Datadog's cloud monitoring business is tied to IT infrastructure. The contraction in manufacturing and employment suggests a neutral sentiment for business IT spending. CRWD CrowdStrike's cybersecurity services are in demand, but overall economic contraction and employment issues suggest a neutral sentiment for IT investment. FTNT Fortinet's cybersecurity solutions are in demand, but overall economic contraction and employment issues suggest a neutral sentiment for IT investment. NET Cloudflare's web infrastructure and security services are in demand, but overall economic contraction suggests a neutral sentiment for IT investment. PYPL PayPal Holdings, Inc. provides online payment services. The contraction in manufacturing and employment suggests a neutral sentiment for consumer spending. COIN Coinbase Global, Inc. operates a cryptocurrency exchange. The contraction in manufacturing and employment suggests a neutral sentiment for speculative investments. HOOD Robinhood Markets, Inc. operates a commission-free trading platform. The contraction in manufacturing and employment suggests a neutral sentiment for retail investment activity. ETSY Etsy, Inc. is an e-commerce platform for handmade and vintage goods. The contraction in manufacturing and employment suggests a neutral sentiment for consumer discretionary spending. EBAY eBay Inc. is an e-commerce platform. The contraction in manufacturing and employment suggests a neutral sentiment for consumer discretionary spending. CVS CVS Health Corporation operates pharmacies and healthcare services. The contraction in manufacturing and employment suggests a neutral sentiment for consumer spending on health and wellness. UNH UnitedHealth Group Incorporated provides health insurance and services. The contraction in manufacturing and employment suggests a neutral sentiment for healthcare spending. ELV Elevance Health, Inc. provides health insurance. The contraction in manufacturing and employment suggests a neutral sentiment for healthcare spending. CME CME Group Inc. operates derivatives exchanges. The contraction in manufacturing and employment suggests a neutral sentiment for financial market activity. ICE Intercontinental Exchange, Inc. operates exchanges and clearing houses. The contraction in manufacturing and employment suggests a neutral sentiment for financial market activity. SPGI S&P Global Inc. provides financial information and analytics. The contraction in manufacturing and employment suggests a neutral sentiment for economic indicators and market analysis. MORN Morningstar, Inc. provides investment research. The contraction in manufacturing and employment suggests a neutral sentiment for investment markets. SCHW V Visa Inc. processes payment transactions. The contraction in manufacturing and employment suggests a neutral sentiment for consumer spending. MA Mastercard Incorporated processes payment transactions. The contraction in manufacturing and employment suggests a neutral sentiment for consumer spending. AXP American Express Company provides financial services. The contraction in manufacturing and employment suggests a neutral sentiment for consumer and business spending. JPM JPMorgan Chase & Co. is a financial institution. The contraction in manufacturing and employment suggests a neutral sentiment for credit and lending markets. BAC Bank of America Corporation is a financial institution. The contraction in manufacturing and employment suggests a neutral sentiment for credit and lending markets. WFC Wells Fargo & Company is a financial institution. The contraction in manufacturing and employment suggests a neutral sentiment for credit and lending markets. C Citigroup Inc. is a financial institution. The contraction in manufacturing and employment suggests a neutral sentiment for credit and lending markets. GS The Goldman Sachs Group, Inc. is an investment bank. The contraction in manufacturing and employment suggests a neutral sentiment for investment banking and capital markets. MS Morgan Stanley is an investment bank. The contraction in manufacturing and employment suggests a neutral sentiment for investment banking and capital markets. RJF Raymond James Financial, Inc. provides financial services. The contraction in manufacturing and employment suggests a neutral sentiment for investment and trading activity. LPLA LPL Financial Holdings Inc. provides independent financial advisory services. The contraction in manufacturing and employment suggests a neutral sentiment for investment markets. IVZ Invesco Ltd. is an investment management company. The contraction in manufacturing and employment suggests a neutral sentiment for investment markets. BEN Franklin Resources, Inc. is an investment management company. The contraction in manufacturing and employment suggests a neutral sentiment for investment markets. ABR Arbor Realty Trust, Inc. is a real estate investment trust. The contraction in manufacturing and employment suggests a neutral sentiment for the real estate market. AMT American Tower Corporation owns and operates wireless and broadcast communication real estate. The contraction in manufacturing and employment suggests a neutral sentiment for business investment. PLD Prologis, Inc. is a real estate company focused on logistics facilities. The contraction in manufacturing and employment suggests a neutral sentiment for logistics and supply chain operations. EQIX Equinix, Inc. is a global data center company. The contraction in manufacturing and employment suggests a neutral sentiment for IT infrastructure investment. CCI Crown Castle Inc. owns and operates wireless infrastructure. The contraction in manufacturing and employment suggests a neutral sentiment for business investment in communications. SBAC SBA Communications Corporation owns and operates wireless infrastructure. The contraction in manufacturing and employment suggests a neutral sentiment for business investment in communications. VZ Verizon Communications Inc. provides wireless and wireline services. The contraction in manufacturing and employment suggests a neutral sentiment for telecommunications demand. T AT&T Inc. provides telecommunications services. The contraction in manufacturing and employment suggests a neutral sentiment for telecommunications demand. TMUS T-Mobile US, Inc. provides wireless telecommunications services. The contraction in manufacturing and employment suggests a neutral sentiment for telecommunications demand. CMCSA Comcast Corporation provides broadband, cable, and wireless services. The contraction in manufacturing and employment suggests a neutral sentiment for telecommunications and entertainment demand. NFLX Netflix, Inc. provides streaming entertainment. The contraction in manufacturing and employment suggests a neutral sentiment for consumer discretionary spending on entertainment. DIS The Walt Disney Company operates theme parks, media, and entertainment. The contraction in manufacturing and employment suggests a neutral sentiment for consumer discretionary spending on entertainment and travel. FOXA Fox Corporation operates in media and entertainment. The contraction in manufacturing and employment suggests a neutral sentiment for consumer discretionary spending on entertainment. PARA AMC AMC Entertainment Holdings, Inc. operates movie theaters. The contraction in manufacturing and employment suggests a neutral sentiment for consumer discretionary spending on entertainment. WBD Warner Bros. Discovery, Inc. operates in media and entertainment. The contraction in manufacturing and employment suggests a neutral sentiment for consumer discretionary spending on entertainment. EA Electronic Arts Inc. develops and publishes video games. The contraction in manufacturing and employment suggests a neutral sentiment for consumer discretionary spending on entertainment. TTWO Take-Two Interactive Software, Inc. develops and publishes video games. The contraction in manufacturing and employment suggests a neutral sentiment for consumer discretionary spending on entertainment. NTDOY Nintendo Co., Ltd. is a foreign-listed company (TSE), but its US operations are affected. The US manufacturing contraction has little direct impact, leading to a neutral sentiment for its US operations. SONY Sony Group Corporation is a foreign-listed company (TSE), but its US operations are affected. The US manufacturing contraction has little direct impact, leading to a neutral sentiment for its US operations. GOOGL Alphabet's cloud and advertising businesses are indirectly affected by economic activity. The contraction in manufacturing and employment suggests a neutral sentiment for business and consumer spending. FB AVGO Broadcom's semiconductor and infrastructure software businesses are tied to the Computer & Electronic Products sector, which grew. However, the broader manufacturing contraction suggests a neutral sentiment. NKE Nike's apparel and footwear sales are tied to consumer discretionary spending. The contraction in manufacturing and employment suggests a neutral sentiment for its products.

New Orders Contracting; Production Expanding; Employment Contracting; Supplier Deliveries Slower; Raw Materials Inventories Contracting; Customers' Inventories Too Low; Price Increase Unchanged; Exports and Imports Contracting

TEMPE, Ariz., Jan. 5, 2026 /PRNewswire/ -- Economic activity in the manufacturing sector contracted in December for the 10th 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 47.9 percent in December, a 0.3-percentage point decrease compared to the reading of 48.2 percent in November and the lowest reading of 2025. The overall economy continued in expansion for the 68th 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 fourth straight month in December following one month of growth; the figure of 47.7 percent is 0.3 percentage point higher than the 47.4 percent recorded in November. The December reading of the Production Index (51 percent) is 0.4 percentage point lower than November's figure of 51.4 percent. The Prices Index remained in expansion (or 'increasing' territory), registering 58.5 percent, the same as November's reading. The Backlog of Orders Index registered 45.8 percent, up 1.8 percentage points compared to the 44 percent recorded in November. The Employment Index registered 44.9 percent, up 0.9 percentage point from November's figure of 44 percent.

"The Supplier Deliveries Index indicated slower delivery performance after one month in 'faster' territory. The reading of 50.8 percent is up 1.5 percentage points from the 49.3 percent recorded in November. (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 45.2 percent, down 3.7 percentage points compared to November's reading of 48.9 percent.

"The New Export Orders Index reading of 46.8 percent is 0.6 percentage point higher than the reading of 46.2 percent registered in November. The Imports Index registered 44.6 percent, 4.3 percentage points lower than November's reading of 48.9 percent."

Spence continues, "In December, U.S. manufacturing activity contracted at a faster rate, with pullbacks in the Production and Inventories indexes leading to the 0.3-percentage point decrease of the Manufacturing PMI ®. Those two subindexes increased in November, so their contraction this month continues the short-term "bubble" of improvement indicative in the last several months of PMI ® data — and a hallmark of recent economic uncertainty in manufacturing.

"Although the demand indicators are still in contraction, improvement in three indexes (New Orders, Backlog of Orders and New Export Orders) and the Customers' Inventories Index remaining in 'too low' territory (and at an accelerated rate) are positive signs for December, but several consecutive months of gains in these indicators are necessary for a longer-term recovery. A 'too low' status for the Customers' Inventories Index is usually considered positive for future production.

"Regarding output, the Production Index is still in expansion but slipped 0.4 percentage point, likely due to last month's drop in the New Orders and Backlog of Orders indexes. The Employment Index contracted at a slower pace, with 63 percent of panelists indicating 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 slower deliveries, the Inventories and Imports indexes contracting strongly, and the Prices Index with the same reading as in November.

"Looking at the manufacturing economy, 85 percent of the sector's gross domestic product (GDP) contracted in December, compared to 58 percent in November, and the percentage of manufacturing GDP in strong contraction (defined as a composite PMI ® of 45 percent or lower) increased to 43 percent, compared to 39 percent in November. 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, only Computer & Electronic Products expanded in December," says Spence.

The two manufacturing industries reporting growth in December are: Electrical Equipment, Appliances & Components; and Computer & Electronic Products. The 15 industries reporting contraction in December — in the following order — are: Apparel, Leather & Allied Products; Wood Products; Textile Mills; Paper Products; Chemical Products; Printing & Related Support Activities; Nonmetallic Mineral Products; Petroleum & Coal Products; Primary Metals; Miscellaneous Manufacturing; Plastics & Rubber Products; Fabricated Metal Products; Machinery; Food, Beverage & Tobacco Products; and Transportation Equipment.

WHAT RESPONDENTS ARE SAYING

December 2025

Index

Series

Index

Dec

Series

Index

Nov

Percentage

Point

Direction

Rate of

Change

Trend*

(Months)

Manufacturing PMI ®

47.9

48.2

-0.3

Contracting

Faster

10

New Orders

47.7

47.4

+0.3

Contracting

Slower

4

Production

51.0

51.4

-0.4

Growing

Slower

2

Employment

44.9

44.0

+0.9

Contracting

Slower

11

Supplier Deliveries

50.8

49.3

+1.5

Slowing

From Faster

1

Inventories

45.2

48.9

-3.7

Contracting

Faster

8

Customers' Inventories

43.3

44.7

-1.4

Too Low

Faster

15

Prices

58.5

58.5

0.0

Increasing

Same

15

Backlog of Orders

45.8

44.0

+1.8

Contracting

Slower

39

New Export Orders

46.8

46.2

+0.6

Contracting

Slower

10

Imports

44.6

48.9

-4.3

Contracting

Faster

9

OVERALL ECONOMY

Growing

Slower

68

Manufacturing Sector

Contracting

Faster

10

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 (25); Brass; Copper (6); Copper Based Products; Critical Minerals (2); Electrical Components (2); Memory; Metals; Natural Gas (2); Steel (2); Steel — Stainless; and Steel Products.

Commodities Down in Price

Cocoa Products; Fuel; Gasoline (2); Oil; and Polypropylene Resin (4).

Commodities in Short Supply

Electrical Components (6); Electronic Components (10); Labor (4); and Rare Earth Components (2).

Note: The number of consecutive months the commodity is listed is indicated after each item.

DECEMBER 2025 MANUFACTURING INDEX SUMMARIES

Manufacturing PMI ®

The U.S. manufacturing sector contracted in December for the 10th consecutive month after two months of expansion preceded by 26 months of contraction. "The Manufacturing PMI ® registered 47.9 percent in December, a 0.3-percentage point decrease compared to the 48.2 percent recorded in November. Of the five subindexes that directly factor into the Manufacturing PMI ®, two (Production and Supplier Deliveries) are in expansion territory, one more than in November. The Production Index stayed in expansion, though it lost 0.4 percentage point. The New Orders and Employment indexes contracted at slower rates, and the Inventories Index decreased by 3.7 percentage points. Of the six biggest manufacturing industries, one (Computer & Electronic Products) registered growth in December," 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 December Manufacturing PMI ® indicates the overall economy grew for the 68th straight month after contracting in April 2020. "The past relationship between the Manufacturing PMI ® and the overall economy indicates that the December reading (47.9 percent) corresponds to a 1.6-percent increase in real gross domestic product (GDP) on an annualized basis," says Spence.

THE LAST 12 MONTHS

Month

Manufacturing

PMI ®

Month

Manufacturing

PMI ®

Dec 2025

47.9

Jun 2025

49.0

Nov 2025

48.2

May 2025

48.5

Oct 2025

48.7

Apr 2025

48.7

Sep 2025

49.1

Mar 2025

49.0

Aug 2025

48.7

Feb 2025

50.3

Jul 2025

48.0

Jan 2025

50.9

Average for 12 months – 48.9

High – 50.9

Low – 47.9

New Orders

ISM ®'s New Orders Index contracted for the fourth consecutive month in December after one month in expansion, registering 47.7 percent, an increase of 0.3 percentage point compared to November's figure of 47.4 percent. This reading is below the 12-month average (48.5 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, one (Computer & Electronic Products) reported increased new orders. For every positive panelist comment about new orders, 1.3 comments indicated concern about near-term demand, driven by tariff costs and other uncertainties," 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 two manufacturing industries that reported growth in new orders in December are: Computer & Electronic Products; and Electrical Equipment, Appliances & Components. The 13 industries reporting a decline in new orders in December, in order, are: Apparel, Leather & Allied Products; Wood Products; Nonmetallic Mineral Products; Paper Products; Textile Mills; Petroleum & Coal Products; Chemical Products; Primary Metals; Miscellaneous Manufacturing; Fabricated Metal Products; Plastics & Rubber Products; Machinery; and Transportation Equipment.

New Orders

%Higher

%Same

%Lower

Net

Index

Dec 2025

18.2

50.3

31.5

-13.3

47.7

Nov 2025

20.7

50.9

28.4

-7.7

47.4

Oct 2025

20.4

53.6

26.0

-5.6

49.4

Sep 2025

18.6

56.5

24.9

-6.3

48.9

Production

The Production Index stayed in expansion in December, registering 51 percent, 0.4 percentage point lower than the November reading of 51.4 percent. "Of the six largest manufacturing industries, two (Computer & Electronic Products; and Transportation Equipment) 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 four industries reporting growth in production during the month of December are: Plastics & Rubber Products; Computer & Electronic Products; Electrical Equipment, Appliances & Components; and Transportation Equipment. The nine industries reporting a decrease in production in December — in the following order — are: Apparel, Leather & Allied Products; Nonmetallic Mineral Products; Textile Mills; Wood Products; Chemical Products; Miscellaneous Manufacturing; Fabricated Metal Products; Primary Metals; and Machinery.

Production

%Higher

%Same

%Lower

Net

Index

Dec 2025

19.0

55.1

25.9

-6.9

51.0

Nov 2025

22.8

57.4

19.8

+3.0

51.4

Oct 2025

17.3

60.7

22.0

-4.7

48.2

Sep 2025

19.0

60.5

20.5

-1.5

51.0

Employment

ISM ®'s Employment Index registered 44.9 percent in December, 0.9 percentage point higher than November's reading of 44 percent. "The index posted its 11th 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 37 of 44 months. Of the six big manufacturing industries, two (Transportation Equipment; and Machinery) reported higher levels of employment in December. For every comment on hiring, there were three on reducing head counts. 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, three reported employment growth in December: Miscellaneous Manufacturing; Transportation Equipment; and Machinery. The 13 industries reporting a decrease in employment in December, in the following order, are: Printing & Related Support Activities; Apparel, Leather & Allied Products; Wood Products; Paper Products; Textile Mills; Petroleum & Coal Products; Nonmetallic Mineral Products; Chemical Products; Plastics & Rubber Products; Primary Metals; Fabricated Metal Products; Computer & Electronic Products; and Electrical Equipment, Appliances & Components.

Employment

%Higher

%Same

%Lower

Net

Index

Dec 2025

9.0

69.9

21.1

-12.1

44.9

Nov 2025

10.8

64.1

25.1

-14.3

44.0

Oct 2025

13.1

64.6

22.3

-9.2

46.0

Sep 2025

11.1

64.5

24.4

-13.3

45.3

Supplier Deliveries †

Delivery performance of suppliers to manufacturing organizations was slower in December after one month of faster deliveries. "The Supplier Deliveries Index registered 50.8 percent, a 1.5-percentage point increase compared to the reading of 49.3 percent reported in November. Of the six big industries, three (Computer & Electronic Products; Machinery; and Food, Beverage & Tobacco Products) reported slower supplier deliveries," says Spence. A reading below 50 percent indicates faster deliveries, while a reading above 50 percent indicates slower deliveries.

The eight manufacturing industries reporting slower supplier deliveries in December, in order, are: Textile Mills; Nonmetallic Mineral Products; Fabricated Metal Products; Primary Metals; Electrical Equipment, Appliances & Components; Computer & Electronic Products; Machinery; and Food, Beverage & Tobacco Products. The four industries reporting faster supplier deliveries in December are: Miscellaneous Manufacturing; Transportation Equipment; Plastics & Rubber Products; and Chemical Products. Six industries reported no change in supplier deliveries in December.

Supplier Deliveries

%Slower

%Same

%Faster

Net

Index

Dec 2025

10.4

80.8

8.8

+1.6

50.8

Nov 2025

6.1

86.3

7.6

-1.5

49.3

Oct 2025

11.6

85.2

3.2

+8.4

54.2

Sep 2025

11.2

82.7

6.1

+5.1

52.6

Inventories

The Inventories Index registered 45.2 percent in December, down 3.7 percentage points compared to the reading of 48.9 percent in November. "None of the six big industries expanded in December," 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 two reporting higher inventories in December are: Nonmetallic Mineral Products; and Electrical Equipment, Appliances & Components. The 10 industries reporting lower inventories in December — listed in order — are: Apparel, Leather & Allied Products; Textile Mills; Paper Products; Chemical Products; Primary Metals; Food, Beverage & Tobacco Products; Machinery; Plastics & Rubber Products; Computer & Electronic Products; and Miscellaneous Manufacturing. Six industries reported no change in inventories in December.

Inventories

%Higher

%Same

%Lower

Net

Index

Dec 2025

10.3

65.9

23.8

-13.5

45.2

Nov 2025

14.4

67.9

17.7

-3.3

48.9

Oct 2025

13.2

65.1

21.7

-8.5

45.8

Sep 2025

16.0

63.7

20.3

-4.3

47.7

Customers' Inventories †

ISM ®'s Customers' Inventories Index remained in "too low" territory in December, with a reading of 43.3 percent, a decrease of 1.4 percentage points compared to the reading of 44.7 percent in November. (For more information about the Customers' Inventories Index, see the "Data and Method of Presentation" section below.)

No industries reported customers' inventories as too high in December. The 11 industries reporting customers' inventories as too low in December, in order, are: Wood Products; Plastics & Rubber Products; Paper Products; Fabricated Metal Products; Nonmetallic Mineral Products; Primary Metals; Chemical Products; Computer & Electronic Products; Food, Beverage & Tobacco Products; Transportation Equipment; and Electrical Equipment, Appliances & Components. Seven industries reported no change in customers' inventories in December.

Customers'

Inventories

%

Reporting

%Too

High

%About

Right

%Too

Low

Net

Index

Dec 2025

76

11.3

64.0

24.7

-13.4

43.3

Nov 2025

73

8.8

71.8

19.4

-10.6

44.7

Oct 2025

75

11.8

64.1

24.1

-12.3

43.9

Sep 2025

73

10.5

66.3

23.2

-12.7

43.7

Prices †

The ISM ® Prices Index registered 58.5 percent in December, matching its November reading and indicating raw materials prices increased for the 15th straight month. Of the six largest manufacturing industries, four (Machinery; Transportation Equipment; Computer & Electronic Products; and Food, Beverage & Tobacco Products) reported price increases in December. "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 26.4 percent of respondents in December, down just 0.8 percentage point from 27.2 percent in November 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 December, the 11 industries that reported paying increased prices for raw materials, in order, are: Fabricated Metal Products; Electrical Equipment, Appliances & Components; Furniture & Related Products; Machinery; Primary Metals; Transportation Equipment; Miscellaneous Manufacturing; Wood Products; Nonmetallic Mineral Products; Computer & Electronic Products; and Food, Beverage & Tobacco Products. The four industries that reported paying decreased prices for raw materials in December are: Textile Mills; Plastics & Rubber Products; Paper Products; and Chemical Products.

Prices

%Higher

%Same

%Lower

Net

Index

Dec 2025

26.4

64.1

9.5

+16.9

58.5

Nov 2025

27.2

62.6

10.2

+17.0

58.5

Oct 2025

27.3

61.4

11.3

+16.0

58.0

Sep 2025

32.5

58.8

8.7

+23.8

61.9

Backlog of Orders †

ISM ®'s Backlog of Orders Index registered 45.8 percent, an increase of 1.8 percentage points compared to the November reading of 44.0 percent, indicating order backlogs contracted for the 39th consecutive month after a 27-month period of expansion that ended in September 2022. Of the six largest manufacturing industries, only Computer & Electronic Products reported expansion in order backlogs in December. "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.

The only industry reporting higher backlogs in December is Computer & Electronic Products. The 11 industries reporting lower backlogs in December — in the following order — are: Plastics & Rubber Products; Primary Metals; Textile Mills; Wood Products; Machinery; Paper Products; Transportation Equipment; Miscellaneous Manufacturing; Fabricated Metal Products; Chemical Products; and Electrical Equipment, Appliances & Components. Six industries reported no change in backlog of orders in December.

Backlog of

Orders

%

Reporting

%Higher

%Same

%Lower

Net

Index

Dec 2025

90

17.2

57.1

25.7

-8.5

45.8

Nov 2025

90

13.9

60.2

25.9

-12.0

44.0

Oct 2025

90

15.7

64.4

19.9

-4.2

47.9

Sep 2025

89

17.2

58.0

24.8

-7.6

46.2

New Export Orders †

ISM ®'s New Export Orders Index contracted in December, registering 46.8 percent, up 0.6 percentage point from November's reading of 46.2 percent. "Export orders contracted for the 10th 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 slight 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, with a ratio of 1.5 negative comments for every positive one," says Spence.

Of the 18 manufacturing industries, the five that reported growth in new export orders in December are: Wood Products; Primary Metals; Plastics & Rubber Products; Electrical Equipment, Appliances & Components; and Computer & Electronic Products. The eight industries that reported a decrease in new export orders in December — in the following order — are: Printing & Related Support Activities; Petroleum & Coal Products; Paper Products; Food, Beverage & Tobacco Products; Miscellaneous Manufacturing; Fabricated Metal Products; Chemical Products; and Machinery.

New Export

Orders

%

Reporting

%Higher

%Same

%Lower

Net

Index

Dec 2025

75

10.6

72.3

17.1

-6.5

46.8

Nov 2025

74

10.3

71.8

17.9

-7.6

46.2

Oct 2025

72

10.5

68.0

21.5

-11.0

44.5

Sep 2025

71

7.2

71.5

21.3

-14.1

43.0

Imports †

ISM ®'s Imports Index remained in contraction for the ninth straight month in December after a three-month period of expansion. The December figure of 44.6 percent is a decrease of 4.3 percentage points compared to the reading of 48.9 percent reported in November. "Tariff-related pricing pressures are continuing to result in softer demand," says Spence.

Only one industry, Electrical Equipment, Appliances & Components, reported higher imports in December. The 13 industries that reported lower volumes in December — in the following order — are: Printing & Related Support Activities; Textile Mills; Wood Products; Paper Products; Nonmetallic Mineral Products; Plastics & Rubber Products; Computer & Electronic Products; Fabricated Metal Products; Primary Metals; Miscellaneous Manufacturing; Machinery; Chemical Products; and Transportation Equipment.

Imports

%

Reporting

%Higher

%Same

%Lower

Net

Index

Dec 2025

84

9.5

70.1

20.4

-10.9

44.6

Nov 2025

84

13.4

71.0

15.6

-2.2

48.9

Oct 2025

84

10.4

69.9

19.7

-9.3

45.4

Sep 2025

84

9.9

69.6

20.5

-10.6

44.7

†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 December was 177 days, an increase of 6 days compared to November. The average lead time in December for Production Materials was 77 days, a decrease of four days compared to November. The average lead time for Maintenance, Repair and Operating (MRO) Supplies was 49 days, an increase of two days compared to November.

Percent Reporting

Capital

Expenditures

Hand-to-

Mouth

30 Days

60 Days

90 Days

6 Months

1 Year+

Average

Days

Dec 2025

16

4

9

12

30

29

177

Nov 2025

16

5

8

14

30

27

171

Oct 2025

18

4

7

14

31

26

168

Sep 2025

16

5

8

15

29

27

170

Percent Reporting

Production

Materials

Hand-to-

Mouth

30 Days

60 Days

90 Days

6 Months

1 Year+

Average

Days

Dec 2025

9

25

31

22

9

4

77

Nov 2025

10

25

25

26

9

5

81

Oct 2025

10

26

23

28

8

5

80

Sep 2025

9

25

23

30

8

5

81

Percent Reporting

MRO Supplies

Hand-to-

Mouth

30 Days

60 Days

90 Days

6 Months

1 Year+

Average

Days

Dec 2025

29

36

17

11

5

2

49

Nov 2025

28

36

16

14

5

1

47

Oct 2025

30

32

18

14

5

1

47

Sep 2025

28

35

18

11

7

1

49

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 December 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.

ISM PMI ® Content

The Institute for Supply Management ® ("ISM ®") PMI ® Reports, formerly Report On Business ®, (Manufacturing, Services, and Hospital reports) ("ISM PMI ®") contain information, text, files, images, video, sounds, musical works, works of authorship, applications, and any other materials or content (collectively, "Content") of ISM ("ISM PMI ® Content"). ISM PMI ® Content is protected by copyright, trademark, trade secret, and other laws, and as between you and ISM, ISM owns and retains all rights in the ISM PMI ® Content. ISM hereby grants you a limited, revocable, nonsublicensable license to access and display on your individual device the ISM PMI ® Content (excluding any software code) solely for your personal, non-commercial use. The ISM PMI ® Content shall also contain Content of users and other ISM licensors. Except as provided herein or as explicitly allowed in writing by ISM, you shall not copy, download, stream, capture, reproduce, duplicate, archive, upload, modify, translate, publish, broadcast, transmit, retransmit, distribute, perform, display, sell, or otherwise use any ISM PMI ® Content.

Except as explicitly and expressly permitted by ISM, you are strictly prohibited from creating works or materials (including but not limited to tables, charts, data streams, time-series variables, fonts, icons, link buttons, wallpaper, desktop themes, online postcards, montages, mashups and similar videos, greeting cards, and unlicensed merchandise) that derive from or are based on the ISM PMI ® Content. This prohibition applies regardless of whether the derivative works or materials are sold, bartered, or given away. You shall not either directly or through the use of any device, software, internet site, web-based service, or other means remove, alter, bypass, avoid, interfere with, or circumvent any copyright, trademark, or other proprietary notices marked on the Content or any digital rights management mechanism, device, or other content protection or access control measure associated with the Content including geo-filtering mechanisms. Without prior written authorization from ISM, you shall not build a business utilizing the Content, whether or not for profit.

You shall not create, recreate, distribute, incorporate in other work, or advertise an index of any portion of the Content unless you receive prior written authorization from ISM. Requests for permission to reproduce or distribute ISM PMI ® Content can be made by contacting in writing at: ISM Research, Institute for Supply Management, 309 West Elliot Road, Suite 113, Tempe, Arizona 85284-1556, or by emailing [email protected]; Subject: Content Request.

ISM shall not have any liability, duty, or obligation for or relating to the ISM PMI ® Content or other information contained herein, any errors, inaccuracies, omissions or delays in providing any ISM PMI ® Content or for any actions taken in reliance thereon. In no event shall ISM be liable for any special, incidental, or consequential damages arising out of the use of the ISM PMI ®. Report On Business ®, PMI ®, Manufacturing PMI ®, Services PMI ®, and Hospital PMI ® are registered trademarks of Institute for Supply Management ®. Institute for Supply Management ® and ISM ® are registered trademarks of Institute for Supply Management, Inc.

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 January 2026 data will be released at 10:00 a.m. ET on Monday, February 2, 2026.

*Unless the New York Stock Exchange is closed.

Contact:

Kristina Cahill

PMI ® Reports Analyst

ISM ®, PMI ®/Research Manager

Tempe, Arizona

+1 480.455.5910

Email: [email protected]

SOURCE Institute for Supply Management