Argus Media
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August 3, 2025 at 12:00 AM
US factory activity in 5th month of contraction: ISM
Economic activity in the US manufacturing sector contracted in July for a fifth month, with new orders and employment contracting and output showing a slight recovery.
The Institute for Supply Management's (ISM) purchasing managers' index (PMI) fell to 48 in July from 49 the prior month. The five-month stretch of contraction followed a two-month expansion preceded by 26 months of contraction.
The production index rose to 51.4 in July from 50.3 the prior month. New orders rose to 47.1 in July from 46.4, showing slowing contraction. Readings above 50 signal growth, while below that level signals contraction.
US manufacturers and their clients have turned more cautious in the face of President Donald Trump's volatile tariff policies, while continued high costs of borrowing are also tamping down activity. Still, the overall economy, which is dominated by services, remains resilient.
"These tariff wars are beginning to wear us out," one survey respondent said. "There is zero clarity about the future, and it's been a difficult few months trying to figure out where everything is going to land and the impact on our business."
The employment index fell to 43.4 in July from 45 the prior month, showing deepening contraction. Manufacturers have shed 37,000 jobs in the last three months, a separate Labor Department report showed today.
New export orders fell to 46.1 in July from 46.3, while imports rose to 47.6 from 47.4, both still in contraction.
The supplier delivery index fell to 49.3 in July from 54.2, indicating faster deliveries, which suggests slowing demand.
The prices index fell to 64.8 in July from 69.7, showing slowing expansion.
By Bob Willis
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