ISM Purchasing Managers' Index Down Slightly at 48.7% in October
Tempe, AZ, November 3, 2025-The Manufacturing Purchasing Managers’ Index (PMI) registered 48.7% in October, a 0.4-percentage point decrease compared to the reading of 49.1% recorded in September, say the nation's supply executives in the latest ISM Manufacturing PMI Report.
The overall economy continued in expansion for the 66th month after one month of contraction in April 2020. (A Manufacturing PMI above 42.3%, over a period of time, generally indicates an expansion of the overall economy.)
The New Orders Index contracted for the second month in October following one month of growth; the figure of 49.4% is 0.5 percentage point higher than the 48.9% recorded in September.
The October reading of the Production Index (48.2%) is 2.8 percentage points lower than September’s figure of 51%.
The Prices Index remained in expansion (or ‘increasing’ territory), registering 58%, down 3.9 percentage points compared to the reading of 61.9% reported in September.
The Backlog of Orders Index registered 47.9%, up 1.7 percentage points compared to the 46.2% recorded in September.
The Employment Index registered 46%, up 0.7 percentage point from September’s figure of 45.3%.
The Supplier Deliveries Index indicated slower delivery performance for the third consecutive month after one month in “faster” territory, which was preceded by seven consecutive months in ‘slower’ territory. The reading of 54.2% is up 1.6 percentage points from the 52.6% recorded in September. (Supplier Deliveries is the only ISM® PMI Reports index that is inversed; a reading of above 50% indicates slower deliveries, which is typical as the economy improves and customer demand increases.)
The Inventories Index registered 45.8%, down 1.9 percentage points compared to September’s reading of 47.7%.
The New Export Orders Index reading of 44.5% is 1.5 percentage points higher than the reading of 43% registered in September.
The Imports Index registered 45.4%, 0.7 percentage point higher than September’s reading of 44.7%.
The six manufacturing industries reporting growth in October-listed in order-are primary metals; food, beverage & tobacco products; transportation equipment; plastics & rubber products; fabricated metal products; and nonmetallic mineral products. The 12 industries reporting contraction in October-in the following order-are textile mills; apparel, leather & allied products; furniture & related products; paper products; printing & related support activities; wood products; petroleum & coal products; electrical equipment, appliances & components; chemical products; machinery; miscellaneous manufacturing; and computer & electronic products.