Updated: 01-Dec-25 10:16 ET
Highlights
- The November ISM Manufacturing Index checked in at 48.2% for November (Briefing.com consensus: 49.0%), down from 48.7% in October.
- The dividing line between expansion and contraction is 50.0%, so the November figure, which is the ninth straight month below 50.0%, suggests manufacturing activity contracted at a faster pace than the prior month.
- The New Orders Index fell to 47.4% from 49.4% in October.
- The Production Index increased to 51.4% from 48.2% in October.
- The Prices Index rose to 58.5% from 58.0% in October.
- The Employment Index dropped to 44.0% from 46.0% in October.
- The Backlog of Orders Index decreased to 44.0% from 47.9% in October.
- The Supplier Deliveries Index declined to 49.3% from 54.2% in October.
- The New Export Orders Index jumped to 46.2% from 44.5% in October.
- The key takeaway from the report is that the manufacturing sector resembled a sector in a state of stagflation in November, punctuated by a faster pace of contraction, rising prices, and weakening employment.
| Category | NOV | OCT | SEP | AUG | JUL |
| Total Index | 48.2 | 48.7 | 49.1 | 48.7 | 48.0 |
| Orders | 47.4 | 49.4 | 48.9 | 51.4 | 47.1 |
| Production | 51.4 | 48.2 | 51.0 | 47.8 | 51.4 |
| Employment | 44.0 | 46.0 | 45.3 | 43.8 | 43.4 |
| Deliveries | 49.3 | 54.2 | 52.6 | 51.3 | 49.3 |
| Inventories | 48.9 | 45.8 | 47.7 | 49.4 | 48.9 |
| Export Orders | 46.2 | 44.5 | 43.0 | 47.6 | 46.1 |
| Prices paid (not seas adj) | 58.5 | 58.0 | 61.9 | 63.7 | 64.8 |
