FX.co ★ US Manufacturing Shrinks for 9th Month

In November 2025, the ISM Manufacturing PMI for the United States decreased to 48.2, marking the lowest point in four months. This decline follows a reading of 48.7 in September and falls short of the expected 48.6. The data reveals that the manufacturing sector experienced contraction for the ninth month in a row, with an accelerated decline. This was driven by reductions in supplier deliveries (now at 49.3, down from 54.2), new orders (declining to 47.4 from 49.4), and employment (reduced to 44 from 46). Additionally, 67% of panelists, consistent with October's figures, reported that they continue to manage headcounts rather than hiring. Price pressures have also intensified (increasing to 58.5 from 58), and the backlog of orders has further decreased (falling to 44 from 47.9). Conversely, production has shown a recovery (rising to 51.4 from 48.2), although inventories decreased at a slower rate (at 48.9 compared to 45.8). Susan Spence, Chair of the ISM, noted that 58% of the sector's GDP contracted in November, maintaining the previous month's figure, while the percentage of GDP experiencing strong contraction slightly decreased to 39% from October’s 41%.