ISM Manufacturing Index for MAY 2026

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

=========

Predicted: 54.0%

• Actual: 54.0% (+1.3 points month-on-month)

=========

Previous month: 52.7%

=========

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 May for the fifth 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:

• “Continued dynamic random-access memory (DRAM) volatility, increased gas prices and tariffs are causing long lead constraints and price hikes that customers are not willing to bear. Panic is starting within our industry.”
   [Electrical Equipment, Appliances + Components] 

• “Impact of Iran invasion starting to directly and negatively impact cost of supply chain. Oil and related commodities are escalating in price.”
   [Transportation Equipment] 

• “The Middle East conflict is triggering shipment delays and uncertainties. Elevated gas prices and inflation will surely impact our purchases. However, over the last quarter, we’ve seen increased demand that was unexpected.”
   [Machinery] 

• “As with all companies, we have felt the effects of fuel-related inflation and general market uncertainty due to overall economic variability and geopolitical events that have impacted such markets as construction, automotive and agriculture, as well as the general industrial sector.”
   [Chemical Products] 

• “Continuing trends of 15-percent sales increase in April, cost increases on a majority of raw materials, and fuel charges on many inbound and outbound deliveries. We remain cautiously optimistic that if global economic factors stabilize and the Iran invasion ends, we can continue with increased sales and maintain acceptable margins.”
   [Chemical Products] 

• “Cost of diesel is having huge impacts on our profitability. Confusion abounds around tariff refunds. We purchase many imported goods but in most cases are not the importer of record, so it is currently unclear to what we may be entitled.”
   [Food, Beverage + Tobacco Products] 

• “Prices continue to rise for many products -- some due to increase in data center creation for electronic components, others as a result of the Iran invasion and reductions in availability of oil/petroleum.”
   [Computer + Electronic Products] 

• “Supply constraints continue to propagate and are a key headwind to supporting increased aerospace and defense demand. Semiconductors, critical minerals and certain types of raw materials are illustrative examples of sales plans at risk. Corporate risk mitigation actions are underway to secure supply in the midst of constraints.”
   [Transportation Equipment] 

• “The current atmosphere is one of extreme uncertainty and concern for the future in terms of both price stability and longer-term supply continuity related to the  Iran invasion and Strait of Hormuz closure. We have a lot of negotiations in process related to requested price increases, some related to oil prices and some still fallout from the 2025 tariff/geopolitical climate.”
   [Miscellaneous Manufacturing] 

• “Business appears to be weakening -- uncertainty surrounding the Iran invasion, rising energy prices and customers unwilling to commit to expenditures beyond a very short term.”
   [Fabricated Metal Products]
  

==========

CHART: ISM Manufacturing Index

MAY 2026 Update

=========

DATA: ISM Manufacturing Index

12-Month History
MAY 2026 Update

=========

=========

• Click here to view the complete ISM report

=========

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Industrial Production + Manufacturing + Capacity Utilization During APRIL 2026

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

Industrial Production:
Previous Month (revised): -0.3%
Actual: +0.7% Month-on-Month (M/M)

• Year-on-Year (Y/Y): +1.4%
  
  --> Y/Y Previous: +0.7%
  
  

Manufacturing:
Previous Month (revised): +0.1%
Actual:  +0.6% (M/M)

• Y/Y : +1.3%
  
  --> Y/Y Previous: +0.5%
  
  

Capacity Utilization Rate:
Previous Month (unrevised): 75.7%
Actual:  76.1% 

• Y/Y : +1.3%
  
  --> Y/Y Previous: +1.4%

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

CHART: Industrial Production

+ Manufacturing
+ Capacity Utilization
APRIL 2026 UPDATE

 

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

• Click here to view the full Federal Reserve report

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

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ISM Manufacturing Index for APRIL 2026

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

=========

Predicted: 53.0%

• Actual: 52.7% (month-on-month = FLAT)

=========

Previous month: 52.7%

=========

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 April for the fourth 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:

•    “Demand for manufactured goods is trending higher versus last year; however, geopolitical uncertainty and rising oil and diesel prices continue to weigh on demand. Many customers are exercising caution and remain in a wait-and-watch mode.”
   [Transportation Equipment] 

• “Continued tariffs on products utilized in our product lines are being monitored by the business, with the business working to mitigate or limit tariff risk. Geopolitical risk, especially in the Middle East, as it pertains to commodity and energy markets remains a concern and is being monitored by the business. Supply chain risk concerns pertaining to increased cost and transit time for rerouted shipments due to conflict in the Red Sea, Strait of Hormuz and Suez Canal. These conditions are being monitored by the business and rerouting measures have been implemented where possible.”
   [Transportation Equipment] 

• “Continuing fluctuation in U.S. tariffs as well as market constraints for certain materials are affecting our current business. U.S. support of AI-related industry is also in flux which is causing some customer and investment hesitancy.”
   [Computer & Electronic Products] 

• “All products tied to crude, polyethylene resin or energy (liquified natural gas) have seen multiple increase spikes tied to the Iran invasion and market supply inflation.”
   [Chemical Products] 

• “Revenues are very strong. However, price increases are similar to a few years ago with the supply chain crisis. All imports from China are up 15 percent to 25 percent, which is impossible for us to absorb or to fully pass along. Our suppliers in China are telling us that oil is at an all-time high, which is putting huge challenges on their cost structures.”
   [Chemical Products] 

• “General uncertainty over the total impact of the U.S.-Iran war. Have not yet started to see the full impact of fuel increases but are aware they are coming.”
   [Machinery] 

• “Business levels have been decent this year, in line with the same period last year and improved from the second half of 2025. However, higher cost pressures are impacting margins.”
   [Fabricated Metal Products] 

• “Commodity markets remain mixed, with pockets of easing offset by ongoing volatility. Dairy and some soft commodities have cooled, while oils and grain-related inputs remain elevated given biofuel demand and feed costs. Pricing is still sensitive to policy changes, weather and global trade dynamics.”
   [Food, Beverage & Tobacco Products] 

• “Our business remains strong and stable, but there are a lot of concerns in the geopolitical arena. If the Iran conflict persists, the impact on market pricing and supply continuity could be extreme. Electronics component market remains very volatile (pricing and continuity) based on AI.”
   [Miscellaneous Manufacturing]
  

==========

CHART: ISM Manufacturing Index

April 2026 Update

=========

DATA: ISM Manufacturing Index

12-Month History
April 2026 Update

=========

=========

• Click here to view the complete ISM report

=========

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Industrial Production + Manufacturing + Capacity Utilization During MARCH 2026

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

Industrial Production:
Previous Month (revised): +0.7%
Actual: -0.5% Month-on-Month (M/M)

• Year-on-Year (Y/Y): +0.7%
  
  --> Y/Y Previous: +1.4%
  
  

Manufacturing:
Previous Month (revised): +0.4%
Actual:  -0.1% (M/M)

• Y/Y : +0.5%
  
  --> Y/Y Previous: +1.3%
  
  

Capacity Utilization Rate:
Previous Month (revised): 76.1%
Actual:  75.7% 

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

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

CHART: Industrial Production

+ Manufacturing
+ Capacity Utilization
MARCH 2026 UPDATE

 

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

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

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U.S. Factory Shipments (New Orders) During FEBRUARY 2026

The U.S. Census Bureau this morning released their report on Manufacturers' Shipments, Inventories and New Orders -- also known as Factory Orders -- for February, 2026:

========

Predicted: +0.5%

• Actual: +0.4% (+2,297,000,000)

========

• February, 2026 New Orders: $578,812,000,000.
  
  
• January, 2026 New Orders: $576,515,000,000.
  

========

• Change from 12 Months Ago (Year-on-Year):
  
  
  +$22,453,000,000 (+4.04%) 
  

 ========

The highlighted percentages represent the month-on-month and year-on-year changes in new shipments for both durable and nondurable goods made by U.S. manufacturers; not seasonally adjusted.

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

CHART: U.S. Factory Orders
FEBRUARY 2026 Update
(seasonally adjusted.)

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

• Click here to view the full Census Bureau report.

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

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Durable Goods Orders During FEBRUARY 2026

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

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

• New Orders: $296,529,000,000
  
  (+$19,942,000,000 [+7.21%]) Year-on-Year

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

CHART: Durable Goods Orders

Month-on-Month Change
FEBRUARY 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 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%

• 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%

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

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

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

 

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

• Click here to view the full Federal Reserve report

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

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