On 3 November 2025, the Institute for Supply Management (ISM) reported its manufacturing PMI at 48.7 in October — the eighth consecutive month of contraction. New orders and employment measures both declined, with firms citing persistent tariffs on imported goods as a drag on demand. Supplier‑delivery times lengthened significantly, underscoring supply‑chain stress. Manufacturing comprises about 10 % of the U.S. economy but this sustained weakness raises concerns about spill‑over into broader growth, especially as consumption remains the primary economic driver.