Manufacturing PMI Hits a New Low in December (.PDF Download)

Tariffs, rising input costs and weak demand continue to pressure U.S. manufacturers.

Jan. 20, 2026

The U.S. manufacturing sector couldn’t catch a break in 2025, ultimately wrapping up December on its weakest footing of the year. Activity remained uneven across the sector, with most industries still contracting and only limited areas showing signs of stability as the year came to a close.