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1 Apr 2025

US ISM Manufacturing PMI declines to 49 in March vs. 49.5 expected

  • The ISM Manufacturing PMI dropped into contraction territory below 50 in March.
  • US Dollar Index holds slightly above 104.00 after the data.

The business activity in the US' manufacturing sector contracted in March, with the ISM Manufacturing Purchasing Managers Index (PMI) dropping to 49 from 50.3 in February. This reading came in below the market expectation of 49.5.

The Employment Index fell to 44.7 from 47.6 in the same period, highlighting a decrease in the sector's payrolls at an accelerating pace. In the meantime, the Prices Paid Index, the inflation component of the survey, rose to 69.4 from 62.4.

Assessing the survey's findings, "demand and production retreated and destaffing continued, as panelists’ companies responded to demand confusion," said Timothy R. Fiore, CPSM, Chair of the Institute for Supply Management (ISM) Manufacturing Business Survey Committee. "Prices growth accelerated due to tariffs, causing new order placement backlogs, supplier delivery slowdowns and manufacturing inventory growth."

Market reaction

The US Dollar (USD) struggles to gather strength against its rivals following the disappointing PMI data. At the time of press, the USD Index was down 0.05% on the day at 104.12.

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