ISM Manufacturing Index for MARCH 2026

The Institute for Supply Management® (ISM®) released their Manufacturing Purchasing Manager's Index (PMI®) for March, 2026:

=========

Predicted: 52.1%

• Actual: 52.7% (+0.3 point month-on-month change)

=========

Previous month: 52.4%

=========

Every month, the ISM surveys purchasing and supply executives at hundreds of companies across the country who are involved in manufacturing in some form. The resulting index is watched closely by academics, economists and investors because manufacturing accounts for about 12% of U.S. Gross Domestic Product (GDP).

The PMI is a reliable barometer of U.S. manufacturing: A PMI above 50% implies that U.S. manufacturing expanded during the month specified, while a reading below 50% implies that the made-in-the-USA sector contracted.

=========

From Today's Report:

"...Economic activity in the manufacturing sector expanded in March for the third consecutive month, say the nation’s supply executives in the latest ISM® Manufacturing PMI® Report..."

=========

The Following Is A Sampling Of Quotes
From A Diverse Pool Of U.S. Manufacturers:

•     “This is expected to be a transition year for the U.S. trucking market, with gradual stabilization driven by capacity tightening and replacement demand instead of growth. Demand should stay constrained by weak carrier profitability and high equipment costs but improve modestly late in the year.”
   [Transportation Equipment]
  

•     “Changes in the tariff structure are bringing cautious opportunities to offset significant costs for the balance of 2026. The actions in Iran, however, add a new wrinkle to energy costs throughout the world, including India. We continue to try and plan for the unpredictable and unexpected.”
   [Transportation Equipment] 

•     “We’re seeing steady increases in activity, but geopolitical issues and the Iran war are already waning sentiment.”
   [Fabricated Metal Products] 

•     “Customer orders have increased considerably as the construction market remains strong, resulting in higher production volume and increased forecasts to suppliers.”
   [Machinery] 

•     “Current Middle East unrest is already starting to impact business operations by increasing lead times, costs, container delays and the like.”
   [Food, Beverage + Tobacco Products] 

•     “Lots of relief from Supreme Court striking down (emergency) tariffs, particularly with organic cane sugar from Brazil.”
   [Food, Beverage + Tobacco Products] 

•     “Geopolitical tensions related to the conflict in Iran are contributing to rising manufacturing supply costs, and ongoing tariff uncertainty is negatively impacting purchasing strategies and cost forecasts.”
   [Chemical Products] 

•     “Ongoing geopolitical instability has emerged as a persistent factor influencing global trade dynamics. We anticipate strategic realignment of supply chains as organizations respond to energy market volatility and shifting trade policies. In light of these macroeconomic headwinds, we -- like most organizations -- are maintaining a cautious posture regarding investment commitments while continuing to monitor market conditions closely. Our purchasing strategy is being recalibrated to address supply chain vulnerabilities exposed by energy market volatility and evolving trade protectionism.”
   [Chemical Products] 

•     “Metal commodity prices continue to put pressure on mechanical commodities. Memory price escalation is causing large cost increases that cannot be mitigated in other areas of the product cost.”
   [Computer + Electronic Products] 

•     “The Middle East war has created domestic and global turmoil for the olefins and polyolefins business. Feedstocks and finished product pricing are accelerating dramatically as Middle Eastern and Asian producers suffer from shipping blockages. Global customers for packaging resins are scrambling to cover needs from North America and South America in the face of supply chain complications.”
   [Plastics + Rubber Products]

==========

CHART: ISM Manufacturing Index

March 2026 Update

=========

DATA: ISM Manufacturing Index

12-Month History
March 2026 Update

=========

=========

• Click here to view the complete ISM report

=========

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Industrial Production + Manufacturing + Capacity Utilization During FEBRUARY 2026

The Industrial Production, Manufacturing and Capacity Utilization numbers for February, 2026 were released by the Federal Reserve:

Industrial Production:
Previous Month (revised): +0.7%
Actual: +0.2% Month-on-Month (M/M)

• Year-on-Year (Y/Y): +1.4%
  
  --> Y/Y Previous: +2.3%
  
  

Manufacturing:
Previous Month (revised): +0.8%
Actual:  +0.2% (M/M)

• Y/Y : +1.3%
  
  --> Y/Y Previous: +2.4%
  
  

Capacity Utilization Rate:
Previous Month (revised): 76.3%
Actual:  76.3% (M/M)

• Y/Y : +1.4%
  
  --> Y/Y Previous: +1.4%

===============

CHART: Industrial Production
+ Manufacturing
+ Capacity Utilization
FEBRUARY 2026 UPDATE

 

===============

• Click here to view the full Federal Reserve report

===============

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Durable Goods Orders During January 2026

The Durable Goods Orders report for January, 2026 was released by the Commerce Department:

================

• New Orders: $294,344,000,000
  
  (+$24,319,000,000 [+9.01%]) Year-on-Year

================

CHART: Durable Goods Orders
Month-on-Month Change
JANUARY 2026 UPDATE
(from Seasonally Adjusted Data)

================

The yellow-highlighted figure represents the y-o-y change in new orders for durable or hard goods for immediate or future delivery from U.S. manufacturers (NOT seasonally adjusted.)

Examples of durable goods: cars, airplanes, computers, furniture -- items that are built to last at least three years.

================

• Click here to view the full Commerce Department report (PDF).
  

================

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ISM Manufacturing Index for FEBRUARY 2026

The Institute for Supply Management® (ISM®) released their Manufacturing Purchasing Manager's Index (PMI®) for February, 2026:

=========

Predicted: 52.0%

• Actual: 52.4% (-0.2 point month-on-month change)

=========

Previous month: 52.6%

=========

Every month, the ISM surveys purchasing and supply executives at hundreds of companies across the country who are involved in manufacturing in some form. The resulting index is watched closely by academics, economists and investors because manufacturing accounts for about 12% of U.S. Gross Domestic Product (GDP).

The PMI is a reliable barometer of U.S. manufacturing: A PMI above 50% implies that U.S. manufacturing expanded during the month specified, while a reading below 50% implies that the made-in-the-USA sector contracted.

=========

From Today's Report:

"...Economic activity in the manufacturing sector expanded in February for the second straight month but only the third time in 40 months, say the nation’s supply executives in the latest ISM® Manufacturing PMI® Report....."

=========

The Following Is A Sampling Of Quotes
From A Diverse Pool Of U.S. Manufacturers:

• “Today, American produced commodities like steel and aluminum are the highest priced in the world, by far. Hence, the Section 232 tariff policy is having the exact opposite effect of their intention on an American manufacturer like us: It is raising prices while lowering demand and profitability.”
   [Transportation Equipment]

• “Economic activity seems to be also challenging for this year. Some recovery in certain sectors in the economy but still lot of cost pressures and soft demand. Cost discipline is the priority.”
   [Chemical Products]
  

• “January sales continued to provide positive indications for growth opportunities. Data center, health care, and food and beverages remain positive growth areas. We continue to receive price increase notifications from suppliers based on unsupported tariff claims and are expanding corporate staff to support sales growth.”
   [Chemical Products]
  

• “South American instability has begun to be a factor for our suppliers and inventory management.”
   [Petroleum & Coal Products] 

• “Pricing for outside purchases has stabilized. We are spending significant effort to work with our supply base to mitigate tariff impacts. Backlog is at a healthy level.”
   [Miscellaneous Manufacturing] 

• “Overall orders and supply footprint are improving. As we review customer demand, we are also taking several categories of established materials and supplies out to RFP for review and cost improvements -- in particular, printed circuit assemblies, plastics, sheet metal assemblies and motorized assemblies. This will help ease the burden of tariff and customer impacts as we broaden our supplier base to a more regional footprint.”
   [Computer & Electronic Products]
  

• “Continue to be impacted by tariffs. Seeing metals prices rise too. Business is steady, but domestic growth is slower than expected.”
   [Computer & Electronic Products] 

• “Business was slow in January. Many orders pulled into end of 2025 to meet revenue goals. Order book is strong going forward.”
   [Electrical Equipment, Appliances & Components] 

• “Tariff policy changes affect total acquisition costs and purchasing source decisions. So far this year, tariff instability still exists. Due to the tariffs, most raw materials used in manufacturing, such as steel and wire, need to be sourced domestically, and the cost keeps going up.”
   [Machinery] 

• “Business is improving by the week. Backlog is growing, and new opportunities are everywhere. Monthly shipments are still lower than planned, but improving. Over the past five years, we spent thousands trying to attract new employees and had almost zero responses. In the last six months, however, we’ve been able to hire experienced engineers, computer numerical control (CNC) operators, and young people wanting to become CNC machinists.”
   [Fabricated Metal Products]

==========

CHART: ISM Manufacturing Index

February 2026 Update

=========

DATA: ISM Manufacturing Index

12-Month History
February 2026 Update

=========

=========

• Click here to view the complete ISM report

=========

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U.S. Factory Shipments During DECEMBER 2025

The U.S. Census Bureau this morning released their report on Manufacturers' Shipments, Inventories and Orders -- also known as Factory Orders -- for December, 2025:

========

Predicted: -0.5%

• Actual: -0.7% (-4,332,000,000)

========

• December, 2025 New Orders: $617,527,000,000.
  
  
• November, 2025 New Orders: $621,859,000,000.
  

========

• Change from 12 Months Ago (Year-on-Year):
  
  +$36,571,000,000 | +6.24% (not seasonally adjusted)
  

 ========

The yellow-highlighted percentage is the seasonally adjusted, month-to-month change in new shipments for both durable and nondurable goods made by U.S. manufacturers. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

=============

CHART: U.S. Factory Orders

DECEMBER 2025 Update

=============

• Click here to view the full Census Bureau report.

=============

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Industrial Production + Manufacturing + Capacity Utilization During JANUARY 2026

The Industrial Production, Manufacturing and Capacity Utilization numbers for January, 2026 were released by the Federal Reserve:

Industrial Production:
Previous Month (revised): +0.2%
Actual: +0.7% Month-on-Month (M/M)

• Year-on-Year (Y/Y): +2.3%
  
  --> Y/Y Previous: +2.0%
  
  

Manufacturing:
Previous Month (revised): FLAT
Actual:  +0.6% (M/M)

• Y/Y : +2.4%
  
  --> Y/Y Previous: +2.0%
  
  

Capacity Utilization Rate:
Previous Month (revised): 75.7%
Actual:  76.2% (M/M)

• Y/Y : +1.4%
  
  --> Y/Y Previous: +1.5%

===============

CHART: Industrial Production
+ Manufacturing
+ Capacity Utilization
JANUARY 2026 UPDATE

 

===============

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===============

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ISM Manufacturing Index for JANUARY 2026

The Institute for Supply Management® (ISM®) released their Manufacturing Purchasing Manager's Index (PMI®) for January, 2026:

=========

Predicted: 49.0%

• Actual: 52.6% (+4.7 points month-on-month change)

=========

Previous month: 47.9%

=========

Every month, the ISM surveys purchasing and supply executives at hundreds of companies across the country who are involved in manufacturing in some form. The resulting index is watched closely by academics, economists and investors because manufacturing accounts for about 12% of U.S. Gross Domestic Product (GDP).

The PMI is a reliable barometer of U.S. manufacturing: A PMI above 50% implies that U.S. manufacturing expanded during the month specified, while a reading below 50% implies that the made-in-the-USA sector contracted.

=========

From Today's Report:

"...Economic activity in the manufacturing sector expanded in January for the first time in 12 months, preceded by 26 straight months of contraction, say the nation’s supply executives in the latest ISM® Manufacturing PMI® Report...."

=========

The Following Is A Sampling Of Quotes
From A Diverse Pool Of U.S. Manufacturers:

•      ' ‘Hope’ has been word of the year in the Transportation Equipment industry. Unfortunately, all the hope in the world has not materialized into order activity in 2025 or the first half of 2026. Across the board, buyers continue to stand on the sidelines. As we enter 2026, every conversation revolves around hope that the second half of 2026 starts the turnaround. It’s hard to set strategy on hope, but thanks to the uncertainty brought about by this administration, here we are.'
   [Transportation Equipment] 

•     'Although our volume is low at the moment, the impact on the latest tariff threats on the European Union will have a huge negative impact on our profit for current quoted orders. We will not be able to recover the increase tariffs in our current quotations.'
   [Machinery] 

•     'Continuing softness in the market, with December orders below average and buyers reluctant to spend despite beneficial tax policies in the U.S. Geopolitical tensions are fueling ‘anti-American’ buyer sentiment, and sales are being lost.'
   [Machinery] 

•     'Another round of emotionally charged tariffs seems imminent, changing the landscape once more. Movement of custom product out of China continues, but the progress is slow with new qualifications required for transitioned materials and assemblies.'
   [Computer & Electronic Products] 

•     'Business conditions remain uncertain. Customers are cautious. Broad-based inflation continues. The Supreme Court tariff decision looms.' [Computer & Electronic Products] 

•     'Growing construction markets, data centers and energy projects, are straining the contract labor availability. The trade tariff uncertainty is creating volatility in the supply chain.'
   [Food, Beverage & Tobacco Products] 

•     'A new year, with new challenges. We are moving manufacturing from China to Mexico -- which will now impose tariffs on parts made in China. This push for more of a Mexican supply chain and creates some short-term supply management concerns.'
   [Chemical Products] 

•     'Confused and uninformed tariff policies continue to plague small companies, making long-term planning pointless. Companies are not making capital commitments beyond 30 days.'
   [Fabricated Metal Products] 

•     'Business conditions remain soft as we continue to miss sales, orders and profits as result of increased costs from tariffs, continued fallout from the government shutdown, and increased global uncertainty.'
   [Miscellaneous Manufacturing] 

•     'Business trends moving into 2026 feature many of the headwinds from the third and fourth quarters of 2025. While the ‘plane’ has steadied, there continues to be uncertainty and added costs through our global operations.
  
  Tariff impacts on our financial performance last year cannot be overstated, as we had a much smaller EBITDA (earnings before interest, taxes, depreciation and amortization) than previous years. While other inflationary pressures continue to hit the business, tariffs and product costs played a large role. This year, we will continue our multi-country sourcing approach to manufacture and import product from more tariff-friendly countries outside of China. 
  
  But as we know, nothing is guaranteed with the current administration. We have trimmed costs everywhere inside the business, including on labor and conferences, and reduced our revenue forecast to a much more achievable mark. We’re prepared to battle throughout the year for higher profitability.'
   [Apparel, Leather & Allied Products]
  

==========

CHART: ISM Manufacturing Index
January 2026 Update

=========

DATA: ISM Manufacturing Index

12-Month History
January 2026 Update

=========

=========

• Click here to view the complete ISM report

=========

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Industrial Production + Manufacturing + Capacity Utilization During DECEMBER 2025

The Industrial Production, Manufacturing and Capacity Utilization numbers for December, 2025 were released by the Federal Reserve this morning:

Industrial Production:
Previous Month (revised): +0.4%
Actual: +0.4% Month-on-Month (M/M)

• Year-on-Year (Y/Y): +2.0%
  
  --> Y/Y Previous: +2.5%
  
  

Manufacturing:
Previous Month (revised): +0.3%
Actual:  +0.2% (M/M)

• Y/Y : +2.0%
  
  --> Y/Y Previous: +1.9%
  
  

Capacity Utilization Rate:
Previous Month (revised): 76.1%
Actual:  76.3% (M/M)

• Y/Y : +1.5%
  
  --> Y/Y Previous: +1.5%

===============

CHART: Industrial Production
+ Manufacturing
+ Capacity Utilization
DECEMBER 2025 UPDATE

 

===============

• Click here to view the full Federal Reserve report

===============

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ISM Manufacturing Index for DECEMBER 2025

Earlier today, the Institute for Supply Management® (ISM®) released their Manufacturing Purchasing Manager's Index (PMI®) for December, 2025:

=========

Predicted: 48.0%

• Actual: 47.9% (-0.3 point month-on-month change)

=========

Previous month: 48.2%

=========

Every month, the ISM surveys purchasing and supply executives at hundreds of companies across the country who are involved in manufacturing in some form. The resulting index is watched closely by academics, economists and investors because manufacturing accounts for about 12% of U.S. Gross Domestic Product (GDP).

The PMI is a reliable barometer of U.S. manufacturing: A PMI above 50% implies that U.S. manufacturing expanded during the month specified, while a reading below 50% implies that the made-in-the-USA sector contracted.

=========

From Today's Report:

"...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 Following Is A Sampling Of Quotes
From A Diverse Pool Of U.S. Manufacturers:

•     'Winding up the year with mixed results. It has not been a great year. We have had some success holding the line on costs; however, real consumer spending is down and tariffs are ultimately to blame. I hope for some return to free trade, which is what consumers have ‘voted for’ with their spending.'
   [Chemical Products]
  

 

•     'Trough conditions continue: depressed business activity, some seasonal but largely impacted by customer issues due to interest rates, tariffs, low oil commodity pricing and limited housing starts.'
   [Machinery]
  

 

•     'Things are quieter regarding tariffs, but prices for all products remain higher. Our costs have increased, so we have increased prices for our customers to compensate. Margins have deteriorated, as full pass through (of cost increases) is not possible.'
   [Computer + Electronic Products]
  

 

•     'Things are not improving in the transportation equipment market. Many customers are ordering for 2026, but those orders are 20 percent to 30% below their historical buying patterns. Some large fleets are still completely on hold for 2026, with zero capital expenditures money available to fleet budgets. Truck rental utilization, which is a good benchmark for the health of the economy, is still below historically stable levels. The general mood of the industry is that the first half of 2026 will be another bust, and we’re now hoping things pick up in the second half, even as the North American truck fleet continues to age.'
   [Transportation Equipment]
  

 

•     'In the current environment, our company is struggling with customer orders and financially overall. Our senior leaders are struggling to focus our business and get the company on track with quality products. In November, layoffs impacted about 9% of our workforce, affecting all locations in the U.S. and Europe.'
   [Machinery]
  

 

•     'Orders continue to drop for most of our businesses. Many plants are not running near full capacity. Make to order being utilized where possible.'
   [Chemical Products]
  

 

•     'Order levels have continued to decline: We had a bad October, an awful November and a dismal December. January and February don’t look too good, as bookings are down 25 percent compared to the first two months of 2025.'
   [Fabricated Metal Products]
  

 

•     'Morale is very low across manufacturing in general. The cost of living is very high, and component costs are increasing with folks citing tariffs and other price increases. It’s cold in our area of the country, absenteeism is worse around the holidays, and sales were lower than we expected for November. So, things look a bit bleak overall.'
   [Electrical Equipment, Appliances + Components]
  

 

•     'Global logistics remains sensitive to geopolitical shifts. Tariffs are influencing equipment pricing and procurement strategies. Large-scale data center programs are absorbing and reducing availability of resources for other sectors.' 
  [Food, Beverage + Tobacco Products]
  

 

•     '2025 revenue was down 17 percent due to tariffs. The lost revenue has inhibited our ability to offer bonuses to employees or create and hire for new positions.'
   [Miscellaneous Manufacturing]
  

==========

CHART: ISM Manufacturing Index
December 2025 Update

=========

DATA: ISM Manufacturing Index

12-Month History
December 2025 Update

=========

=========

• Click here to view the complete ISM report

=========

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Industrial Production + Manufacturing + Capacity Utilization During November 2025

The Industrial Production, Manufacturing and Capacity Utilization numbers for November, 2025 were released by the Federal Reserve this morning:

Industrial Production:
Predicted: +0.1%
Actual: +0.2% month-on-month (M/M)

• Year-on-Year (Y/Y): +2.5%
  
  

Manufacturing:
Predicted: FLAT
Actual:  FLAT (M/M)

• Y/Y : +1.9%
  
  

Capacity Utilization Rate:
Predicted: 75.9%
Actual:  76.0% (M/M)

• Y/Y : +1.5%

The "predicted" figures are what economists were expecting, while the "actual" is the true or real figure.

From Today's Report:

"...This release includes preliminary estimates for industrial production (IP) and capacity utilization for both October and November as well as revised estimates for May through September. IP rose 0.2% in November after ticking down 0.1% in October. On average, IP rose 0.1 percent per month across October and November, the same as the rate of increase in September and a somewhat slower average pace than the past 12 months.

Manufacturing output was flat in November after dropping 0.4% in October. There were swings in both mining and utilities output over October and November, though, on net, both sectors posted gains. At 101.8% of its 2017 average, total IP in November was 2.5% above its year-earlier level.

Capacity utilization was 76.0 percent in November, a rate that is 3.5 percentage points below its long-run (1972–2024) average..."

===============

CHART: Industrial Production
+ Manufacturing
+ Capacity Utilization
NOVEMBER 2025 UPDATE

 

===============

• Click here to view the full Federal Reserve report

===============

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U.S. Factory Shipments During SEPTEMBER 2025

The U.S. Census Bureau this morning released their report on Manufacturers' Shipments, Inventories and Orders -- also known as Factory Orders -- for September, 2025:

========

Predicted: +1.4%

• Actual: +0.192% (+1,172,000,000)

========

• September, 2025 New Orders: $612,636,000,000.
  
  
• August, 2025 New Orders: $611,464,000,000.
  

========

• Change from 12 Months Ago (Year-on-Year):
  
  +$32,570,000,000 | +5.38% (not seasonally adjusted)
  

 ========

The yellow-highlighted percentage is the seasonally adjusted, month-to-month change in new shipments for both durable and nondurable goods made by U.S. manufacturers. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

=============

CHART: U.S. Factory Orders
SEPTEMBER 2025 Update

=============

• Click here to view the full Census Bureau report.

=============

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