Updated: 01-Dec-25 10:16 ET

November ISM Manufacturing Index

Updated: 01-Dec-25 10:16 ET

Highlights

• The November ISM Manufacturing Index checked in at 48.2% for November (Briefing.com consensus: 49.0%), down from 48.7% in October.
• The dividing line between expansion and contraction is 50.0%, so the November figure, which is the ninth straight month below 50.0%, suggests manufacturing activity contracted at a faster pace than the prior month.

Key Factors

• The New Orders Index fell to 47.4% from 49.4% in October.
• The Production Index increased to 51.4% from 48.2% in October.
• The Prices Index rose to 58.5% from 58.0% in October.
• The Employment Index dropped to 44.0% from 46.0% in October.
• The Backlog of Orders Index decreased to 44.0% from 47.9% in October.
• The Supplier Deliveries Index declined to 49.3% from 54.2% in October.
• The New Export Orders Index jumped to 46.2% from 44.5% in October.

Big Picture

• The key takeaway from the report is that the manufacturing sector resembled a sector in a state of stagflation in November, punctuated by a faster pace of contraction, rising prices, and weakening employment.

Category	NOV	OCT	SEP	AUG	JUL
Total Index	48.2	48.7	49.1	48.7	48.0
Orders	47.4	49.4	48.9	51.4	47.1
Production	51.4	48.2	51.0	47.8	51.4
Employment	44.0	46.0	45.3	43.8	43.4
Deliveries	49.3	54.2	52.6	51.3	49.3
Inventories	48.9	45.8	47.7	49.4	48.9
Export Orders	46.2	44.5	43.0	47.6	46.1
Prices paid (not seas adj)	58.5	58.0	61.9	63.7	64.8