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

Of the 18 manufacturing industries, none reported growth in new export orders in September. The 10 industries that reported a decrease in new export orders in September — in the following order — are: Plastics & Rubber Products; Fabricated Metal Products; Paper Products; Primary Metals; Electrical Equipment, Appliances & Components; Chemical Products; Transportation Equipment; Miscellaneous Manufacturing; Computer & Electronic Products; and Machinery. Seven industries reported no change in new export orders in September.

New Export

Orders%

Reporting%Higher%Same%Lower Net Index 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 Jun 2025 75 12.1 68.3 19.6-7.5 46.3

Imports†

ISM’s Imports Index remained in contraction for the sixth month in September after expanding for three straight months. The September figure of 44.7 percent is a decrease of 1.3 percentage points compared to the reading of 46 percent reported in August. “Imports are contracting at a faster rate, indicating lower levels of demand due to tariff pricing,” says Spence.

No industry reported an increase in import volumes in September. The 10 industries that reported lower volumes of imports in September— in the following order — are: Wood Products; Furniture & Related Products; Electrical Equipment, Appliances & Components; Transportation Equipment; Machinery; Chemical Products; Plastics & Rubber Products; Miscellaneous Manufacturing; Computer & Electronic Products; and Food, Beverage & Tobacco Products. Eight industries reported no change in imports.

Imports%

Reporting%Higher%Same%Lower Net Index 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 Jun 2025 86 15.3 64.2 20.5-5.2 47.4

†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 September was 170 days, a decrease of 3 days since August. The average lead time in September for Production Materials was 81 days, a decrease of three days compared to August. The average lead time for Maintenance, Repair and Operating (MRO) Supplies was 49 days, an increase of one day compared to August.

Percent Reporting Capital

Expenditures Hand-to-

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

Days 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 Jun 2025 17 3 9 13 29 29 175

Percent Reporting Production

Materials Hand-to-

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

Days 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 Jun 2025 9 22 28 26 9 6 85

Percent Reporting MRO Supplies Hand-to-

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

Days 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 Jun 2025 32 33 17 11 5 2 48