May ISM Manufacturing Index
Updated: 02-Jun-25 10:33 ET







Highlights
  • The May ISM Manufacturing Index slipped to 48.5% in May (Briefing.com consensus 49.0%) from 48.7% in April.
  • The dividing line between expansion and contraction is 50.0%, so the May reading suggests that activity in the manufacturing sector contracted at a slightly faster pace than the prior month.
Key Factors
  • The New Orders Index rose to 47.6% from 47.2% in April.
  • The Production Index jumped to 45.4% from 44.0% in April.
  • The Prices Index edged dipped to 69.4% from 69.8% in April.
  • The Employment Index increased to 46.8% from 46.5% in April.
  • The Backlog of Orders Index improved to 47.1% from 43.7% in April.
  • The Supplier Deliveries Index increased to 56.1% from 55.2% in April.
  • The New Export Orders Index dropped to 40.1% from 43.1% in April. Excluding COVID-19, this is the lowest reading since March 2009.
Big Picture
  • The key takeaway from the report is that manufacturing sector activity was hampered in May by tariff uncertainty.
Category MAY APR MAR FEB JAN
Total Index 48.5 48.7 49.0 50.3 50.9
Orders 47.6 47.2 45.2 48.6 55.1
Production 45.4 44.0 48.3 50.7 52.5
Employment 46.8 46.5 44.7 47.6 50.3
Deliveries 56.1 55.2 53.5 54.5 50.9
Inventories 46.7 50.8 53.4 49.9 45.9
Export Orders 40.1 43.1 49.6 51.4 52.4
Prices paid (not seas adj) 69.4 69.8 69.4 62.4 54.9
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