The S&P Global US Manufacturing PMI fell to 49.8 in March 2025 from 52.7 in February, missing market expectations of 51.8, a preliminary estimate showed.
Manufacturing output declined after February's sharpest increase in nearly three years, with factories reporting fewer instances of output being boosted by the front-running of tariffs and new orders growth nearly stalling.
Input purchasing in the sector also slipped back into decline.
However, export sales saw their smallest decline in nine months, supported by rising orders from Canada, Germany, and other EU countries, suggesting efforts to fulfill orders ahead of tariff implementation. Additionally, employment fell for the first time since last October, amid concerns over payroll numbers and rising costs.
On the price front, input cost inflation hit a 31-month high and selling prices rose the most in 25 months. Finally, business sentiment remained among the highest seen over the past three years.
Source: Trading Economics
