Purchasing Managers' Index Declined Slightly to 48.2% in Nov.

Tempe, AZ, December 1, 2025-The Manufacturing Purchasing Managers’ Index (PMI) registered 48.2% in November, a 0.5-percentage point decrease compared to the reading of 48.7% in October, says ISM. 

The overall economy continued in expansion for the 67th 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 a third straight month in November following one month of growth; the figure of 47.4% is two percentage points lower than the 49.4% recorded in October. The November reading of the Production Index (51.4%) is 3.2 percentage points higher than October’s figure of 48.2%. The Prices Index remained in expansion (or ‘increasing’ territory), registering 58.5%, up 0.5 percentage point compared to the reading of 58% reported in October. The Backlog of Orders Index registered 44%, down 3.9 percentage points compared to the 47.9% recorded in October. The Employment Index registered 44%, down two percentage points from October’s figure of 46%.

The Supplier Deliveries Index indicated faster delivery performance after three consecutive (and 14 of the previous 16) months in ‘slower’ territory. The reading of 49.3% is down 4.9 percentage points from the 54.2% recorded in October. (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 48.9%, up 3.1 percentage points compared to October’s reading of 45.8%.

The New Export Orders Index reading of 46.2% is 1.7 percentage points higher than the reading of 44.5% registered in October. The Imports Index registered 48.9%, 3.5 percentage points higher than October’s reading of 45.4%.

“Finally, inputs (defined as supplier deliveries, inventories, prices and imports), were mixed, with the Supplier Deliveries Index indicating faster deliveries, the Inventories Index contracting at a slower rate, and the Prices Index continuing to reflect increases. The Imports Index contracted at a slower rate.

The four manufacturing industries reporting growth in November are computer & electronic products; food, beverage & tobacco products; miscellaneous manufacturing; and machinery. The 11 industries reporting contraction in November-in the following order-are apparel, leather & allied products; wood products; paper products; textile mills; fabricated metal products; petroleum & coal products; chemical products; nonmetallic mineral products; furniture & related products; transportation equipment; and plastics & rubber products.