citing soft demand due to tariffs and uncertain U.S. economic policy,” says Spence.

Of the 18 manufacturing industries, only one (Wood Products) reported growth in new export orders in October. The 11 industries that reported a decrease in new export orders in October — in the following order — are: Apparel, Leather & Allied Products; Nonmetallic Mineral Products; Furniture & Related Products; Textile Mills; Paper Products; Computer & Electronic Products; Chemical Products; Fabricated Metal Products; Miscellaneous Manufacturing; Transportation Equipment; and Machinery. Six industries reported no change in new export orders in October.

New Export

Orders%

Reporting%

Higher%

Same%

Lower Net Index Oct 2025 72 10.5 68.0 21.5-11.0 44.5 Sep 2025 71 7.2 71.5 21.3-14.1 43.0 Aug 2025 71 11.3 72.6 16.1-4.8 47.6 Jul 2025 71 7.5 77.2 15.3-7.8 46.1

Imports†

ISM’s Imports Index remained in contraction for the seventh month in October after expanding for three straight months. The October figure of 45.4 percent is an increase of 0.7 percentage point compared to the reading of 44.7 percent reported in September. “Imports continuing to contract indicate ongoing lower levels of demand due to tariff pricing,” says Spence.

The only industry to report higher imports in October was Food, Beverage & Tobacco Products. The nine industries that reported lower volumes of imports in October — in the following order — are: Furniture & Related Products; Wood Products; Petroleum & Coal Products; Machinery; Nonmetallic Mineral Products; Chemical Products; Electrical Equipment, Appliances & Components; Computer & Electronic Products; and Transportation Equipment. Eight industries reported no change in imports.

Imports%

Reporting%Higher%Same%Lower Net Index Oct 2025 84 10.4 69.9 19.7-9.3 45.4 Sep 2025 84 9.9 69.6 20.5-10.6 44.7 Aug 2025 84 9.8 72.4 17.8-8.0 46.0 Jul 2025 86 13.3 68.5 18.2-4.9 47.6

†The Supplier Deliveries, Customers’ Inventories, Prices, Backlog of Orders, New Export Orders, and Imports indexes do not meet the accepted criteria for seasonal adjustments.

Buying Policy

The average commitment lead time for Capital Expenditures in October was 168 days, a decrease of 2 days compared to September. The average lead time in October for Production Materials was 80 days, a decrease of one day compared to September. The average lead time for Maintenance, Repair and Operating (MRO) Supplies was 47 days, a decrease of two days compared to September.

Percent Reporting Capital

Expenditures Hand-to-

Mouth 30 Days 60 Days 90 Days 6 Months 1 Year+Average

Days Oct 2025 18 4 7 14 31 26 168 Sep 2025 16 5 8 15 29 27 170 Aug 2025 18 3 7 14 30 28 173 Jul 2025 16 4 10 15 26 29 173

Percent Reporting Production

Materials Hand-to-

Mouth 30 Days 60 Days 90 Days 6 Months 1 Year+Average

Days Oct 2025 10 26 23 28 8 5 80 Sep 2025 9 25 23 30 8 5 81 Aug 2025 9 25 26 25 9 6 84 Jul 2025 9 28 22 26 8 7 85

Percent Reporting MRO Supplies Hand-to-

Mouth 30 Days 60 Days 90 Days 6 Months 1 Year+Average

Days Oct 2025 30 32 18 14 5 1 47 Sep 2025 28 35 18 11 7 1 49 Aug 2025 32 31 18 11 7 1 48 Jul 2025 31 35 17 12 4 1 44