US manufacturing PMIs fall in November
By Iain Gilbert
Date: Monday 01 Dec 2025
(Sharecast News) - S&P Global's US manufacturing PMI came in at 52.2 in November, down slightly from 52.5 in October but ahead of a flash estimate of 51.9.
The survey highlighted stronger output and rising employment, with firms reporting success in securing new orders from both existing and new clients. Confidence in the outlook also improved, underpinned by operational discipline and efficiency gains.
However, demand growth slowed sharply compared with October, with weaker sales leading to an unprecedented build‑up of finished goods inventories for a second month running. Export orders fell at the steepest pace since July, as tariffs weighed on international trade. Inflationary pressures remained historically elevated, though selling price inflation eased to one of the lowest levels this year as competition and weak demand limited pass‑through of higher input costs.
The Institute for Supply Management's manufacturing PMI contracted for a ninth straight month in November, slipping to 48.2 from 48.7 in October.
The new orders index fell to 47.4, marking a third consecutive month of contraction, while the production index rose 3.2 points to 51.4, indicating modest growth. Prices remained in expansion territory at 58.5, up slightly month‑on‑month, reflecting continued cost pressures.
The ISM survey underscored persistent weakness in demand, with firms facing ongoing challenges in securing new business, and while production showed signs of resilience, the broader picture pointed to a sector still struggling to regain momentum.
Reporting by Iain Gilbert at Sharecast.com
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