United States Business Confidence

Last Release

Nov 30, 2025

Actual

48.2

Units In

Points

48.7

Frequency

Monthly

Next Release

Jan 05, 2026

Time to Release

1 Months 2 Days 15 Hours

Highest	Lowest	Average	Date Range	Source
77.5 Jul 1950	29.4 May 1980	52.82 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 Manufacturing PMI for the US fell to 48.2 in November 2025, the lowest in four months, compared to 48.7 in September and below forecasts of 48.6. The reading showed that the manufacturing sector contracted for the ninth consecutive month and at a faster pace, led by pullbacks in supplier deliveries (49.3 vs 54.2), new orders (47.4 vs 49.4) and employment (44 vs 46), with 67% of panelists (the same as October) indicating that managing head counts is still the norm at their companies, as opposed to hiring. Also, price pressures intensified (58.5 vs 58) and backlog of orders decreased more (44 vs 47.9). On the other hand, production rebounded (51.4 vs 48.2) and inventories fell less (48.9 vs 45.8). “Looking at the manufacturing economy, 58% of the sector’s GDP contracted in November, matching the previous month’s figure, and the percentage of GDP in strong contraction decreased slightly, at 39% compared to 41% in October", Susan Spence, Chair of the ISM said.