Updated: 01-Aug-25 10:40 ET
Highlights
- The July ISM Manufacturing Index checked in at 48.0% for July (Briefing.com consensus: 49.5%), down one percentage point from the 49.0% reading for June.
- The dividing line between expansion and contraction is 50.0%, so the July figure suggests manufacturing activity contracted at a faster pace than the prior month.
- The New Orders Index rose to 47.1% from 46.45 in June, logging its sixth straight contraction reading.
- The Production Index jumped to 51.4% from 50.3% in June.
- The Prices Index fell to 64.8% from 69.7% in June.
- The Employment Index decreased to 43.4% from 45.0% in June.
- The Backlog of Orders Index rose to 46.8% from 44.3% in June.
- The Supplier Deliveries Index slipped to 49.3% from 54.2% in June.
- The New Export Orders Index dipped to 46.1% from 46.3% in June.
- The key takeaway from the report is that 79% of the sector's GDP contracted in July. That is up from 46% in June and suggests the manufacturing sector has not yet seen the benefits of onshoring in response to the tariff actions, which themselves have stoked a good bit of planning uncertainty per the observations of survey respondents.
| Category | JUL | JUN | MAY | APR | MAR |
| Total Index | 48.0 | 49.0 | 48.5 | 48.7 | 49.0 |
| Orders | 47.1 | 46.4 | 47.6 | 47.2 | 45.2 |
| Production | 51.4 | 50.3 | 45.4 | 44.0 | 48.3 |
| Employment | 43.4 | 45.0 | 46.8 | 46.5 | 44.7 |
| Deliveries | 49.3 | 54.2 | 56.1 | 55.2 | 53.5 |
| Inventories | 48.9 | 49.2 | 46.7 | 50.8 | 53.4 |
| Export Orders | 46.1 | 46.3 | 40.1 | 43.1 | 49.6 |
| Prices paid (not seas adj) | 64.8 | 69.7 | 69.4 | 69.8 | 69.4 |
