The ISM Manufacturing PMI slipped to 52.4 in February 2026 from 52.6 in January, but remained above market expectations of 51.8. The reading signaled a second consecutive month of expansion in the manufacturing sector, albeit at a slightly slower pace. A smaller increase was recorded for new orders (55.8 vs 57.1) and production (53.5 vs 55.9) while employment (48.8 vs 48.1) and inventories (48.8 vs 47.6) remained in contraction. At the same time, price pressures intensified, with the subindex hitting the highest since June 2022 (70.5 vs 59), driven by increases in steel and aluminum as well as tariffs applied to many imported goods. Supplier deliveries (55.1 vs 54.4) indicated a further slowing for the third month in a row. "Of the six largest manufacturing industries, four (Chemical Products; Machinery; Transportation Equipment; and Computer & Electronic Products) expanded in February", Susan Spence, Chair of the ISM Manufacturing Business Survey Committee said. source: Institute for Supply Management

Business Confidence in the United States decreased to 52.40 points in February from 52.60 points in January of 2026. Business Confidence in the United States averaged 52.81 points from 1948 until 2026, reaching an all time high of 77.50 points in July of 1950 and a record low of 29.40 points in May of 1980. This page provides the latest reported value for - United States ISM Purchasing Managers Index (PMI) - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United States ISM Manufacturing PMI - data, historical chart, forecasts and calendar of releases - was last updated on March of 2026.

Business Confidence in the United States decreased to 52.40 points in February from 52.60 points in January of 2026. Business Confidence in the United States is expected to be 49.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United States ISM Manufacturing PMI is projected to trend around 52.00 points in 2027, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-02-02 03:00 PM
ISM Manufacturing PMI
Jan 52.6 47.9 48.5 48.2
2026-03-02 03:00 PM
ISM Manufacturing PMI
Feb 52.4 52.6 51.8 51.3
2026-04-01 02:00 PM
ISM Manufacturing PMI
Mar 52.4 49

Components Last Previous Unit Reference
ISM Manufacturing Backlog of Orders 56.60 51.60 points Feb 2026
ISM Manufacturing Employment 48.80 48.10 points Feb 2026
ISM Manufacturing Inventories 48.80 47.60 points Feb 2026
ISM Manufacturing New Orders 55.80 57.10 points Feb 2026
ISM Manufacturing Prices 70.50 59.00 points Feb 2026
ISM Manufacturing Production 53.50 55.90 points Feb 2026
ISM Manufacturing Supplier Deliveries 55.10 54.40 points Feb 2026

Related Last Previous Unit Reference
ISM Manufacturing PMI 52.40 52.60 points Feb 2026
Dallas Fed Manufacturing Index 0.20 -1.20 points Feb 2026
Manufacturing Production YoY 2.40 1.50 percent Jan 2026
Philadelphia Fed Manufacturing Index 16.30 12.60 points Feb 2026
Richmond Fed Manufacturing Index -10.00 -6.00 points Feb 2026


United States ISM Manufacturing PMI
The Manufacturing ISM Report On Business is based on data compiled from purchasing and supply executives nationwide. Survey responses reflect the change, if any, in the current month compared to the previous month. For each of the indicators measured (New Orders, Backlog of Orders, New Export Orders, Imports, Production, Supplier Deliveries, Inventories, Customers' Inventories, Employment and Prices), the report shows the percentage reporting each response, the net difference between the number of responses in the positive economic direction and the negative economic direction, and the diffusion index. A PMI reading above 50 percent indicates that the manufacturing economy is generally expanding; below 50 percent indicates that it is generally declining.
Actual Previous Highest Lowest Dates Unit Frequency
52.40 52.60 77.50 29.40 1948 - 2026 points Monthly
SA

News Stream
US Factory Activity Expands for 2nd Month: ISM
The ISM Manufacturing PMI slipped to 52.4 in February 2026 from 52.6 in January, but remained above market expectations of 51.8. The reading signaled a second consecutive month of expansion in the manufacturing sector, albeit at a slightly slower pace. A smaller increase was recorded for new orders (55.8 vs 57.1) and production (53.5 vs 55.9) while employment (48.8 vs 48.1) and inventories (48.8 vs 47.6) remained in contraction. At the same time, price pressures intensified, with the subindex hitting the highest since June 2022 (70.5 vs 59), driven by increases in steel and aluminum as well as tariffs applied to many imported goods. Supplier deliveries (55.1 vs 54.4) indicated a further slowing for the third month in a row. "Of the six largest manufacturing industries, four (Chemical Products; Machinery; Transportation Equipment; and Computer & Electronic Products) expanded in February", Susan Spence, Chair of the ISM Manufacturing Business Survey Committee said.
2026-03-02
US ISM Manufacturing PMI Highest Since 2022
The ISM Manufacturing PMI for the US unexpectedly rose to 52.6 in January 2026 from 47.9 in December and much better than forecasts of 48.5. The reading showed that economic activity in the manufacturing sector expanded in January for the first time in 12 months, and the most since 2022, amid improvements in new orders (57.1 vs 47.4), production (55.9 vs 50.7), employment (48.1 vs 44.8), supplier deliveries (54.4 vs 50.8), and inventories (47.6 vs 45.7), though employment and inventories still remain in contraction. At the same time, price pressures were little changed (59 vs 58.5). "Although these are positive signs for the start of the year, they are tempered by commentary citing that January is a reorder month after the holidays, and some buying appears to be to get ahead of expected price increases due to ongoing tariff issues", Susan Spence, chair of the ISM Manufacturing Business Survey Committee said.
2026-02-02
ISM Manufacturing PMI Below Forecasts
The ISM Manufacturing PMI for the US fell for a third consecutive month to 47.9 in December 2025, the lowest level since October 2024, compared to 48.2 in November and forecasts of 48.3. The reading showed the US manufacturing activity contracted at a faster rate, led by pullbacks in production (51 vs 51.4) and inventories (45.2 vs 48.9), following increases in November, pointing to recent economic uncertainty in manufacturing. Also, price pressures remained elevated (58.5 vs 58.5). On the other hand, improvements in new orders (47.7 vs 47.4), backlog of orders (45.8 vs 44) and new export orders (46.8 vs 46.2) and the customers’ inventories index remaining in ‘too low’ territory (43.3 vs 44.7) are positive signs for December, but several consecutive months of gains in these indicators are necessary for a longer-term recovery. In addition, employment contracted at a slower pace (44.9 vs 44).
2026-01-05