United States Business Confidence

Last Release

Oct 31, 2025

Actual

48.7

Units In

Points

49.1

Frequency

Monthly

Next Release

Dec 01, 2025

Time to Release

25 Days 23 Hours

Highest	Lowest	Average	Date Range	Source
77.5 Jul 1950	29.4 May 1980	52.83 Points	1948-2025	Institute for Supply Management

The Manufacturing ISM Report On Business® is based on data compiled from purchasing and supply executives nationwide. Survey responses reflect the change, if any, in the current month compared to the previous month. For each of the indicators measured (New Orders, Backlog of Orders, New Export Orders, Imports, Production, Supplier Deliveries, Inventories, Customers' Inventories, Employment and Prices), the report shows the percentage reporting each response, the net difference between the number of responses in the positive economic direction and the negative economic direction, and the diffusion index. A PMI™ reading above 50 percent indicates that the manufacturing economy is generally expanding; below 50 percent indicates that it is generally declining.

Latest Updates

The ISM US Manufacturing PMI fell to 48.7 in October 2025 from 49.1 in September, below market forecasts of 49.5, indicating an eighth consecutive month of contraction in the manufacturing sector. Production shrank (48.2 vs 51) and further contractions were also seen in new orders (49.4 vs 48.9), inventories (45.8 vs 47.7) and backlog of orders (47.9 vs 46.2). Employment continued to decline (46 vs 45.3), with 67% of panelists indicating that managing head count is still the norm at their companies, as opposed to hiring. Meanwhile, price pressures eased (58 vs 61.9) while the supplier deliveries index indicated slower delivery performance for the third consecutive month (54.2 vs 52.6). "Of the six largest manufacturing industries, only two (Food, Beverage & Tobacco Products; and Transportation Equipment) expanded in October,” said Susan Spence, Chair of the ISM.