New Manufacturing Marketing Guide 2026

Last Updated: April 9, 2026

Manufacturing PMI Statistics for 2025-2026

Purchasing Managers' Index data gets quoted constantly. But most manufacturing leaders need more than a headline number. They need to know whether new orders are actually growing, whether output is keeping up, whether inventories are building, and whether the hiring picture matches what the shop floor is feeling.

This page pulls together 58+ manufacturing PMI and business-conditions statistics from ISM, S&P Global, the Federal Reserve, the Census Bureau, FRED, and the National Association of Manufacturers. It covers PMI trends, factory orders, shipments, unfilled orders, industrial production, capacity utilization, employment, wages, and manufacturer sentiment. Every statistic below links to its original source URL.

52.7

ISM Manufacturing PMI, March 2026

52.3

S&P Global US Manufacturing PMI, March 2026

$620.1B

Factory new orders, January 2026

75.5%

Manufacturing capacity utilization, February 2026

What's in This Report

Headline Manufacturing PMI Statistics

The cleanest way to read the current cycle is this: manufacturing sentiment improved sharply from late 2025 into early 2026, but the underlying picture is still mixed. ISM showed the manufacturing sector back in expansion territory by the end of Q1, while S&P Global also reported stronger manufacturing activity. At the same time, employment remained soft and pricing pressure accelerated.

The United States ISM Manufacturing PMI is a purchasing managers index and a diffusion index built from monthly responses by purchasing and supply executives. In plain language, it is one of the most watched economic indicator series for the manufacturing sector because it signals whether new orders, production, employment, supplier deliveries, and inventories are moving in an expansion or contraction direction before many hard-data releases arrive.

1. The ISM Manufacturing PMI registered 52.7% in March 2026, up 0.3 percentage points from February. A reading above 50 signals expansion. — ISM March 2026 Manufacturing PMI Report

2. ISM's March reading followed a 52.4% reading in February 2026, showing that factory activity remained in expansion for a second straight month. — ISM February 2026 Manufacturing PMI Report

3. ISM reported a 47.9% PMI reading in December 2025, the lowest monthly reading of 2025. That gives you a useful benchmark for how much conditions improved in Q1 2026. — ISM December 2025 Manufacturing PMI Report

4. The S&P Global US Manufacturing PMI recorded 52.3 in March 2026, confirming expansion in a separate private-sector survey. — S&P Global US Manufacturing PMI, March 2026

5. S&P Global said March 2026 data were collected from March 12-26, 2026, which matters because PMI data measures direction and timing before many hard-data releases arrive. — S&P Global US Manufacturing PMI, March 2026

6. ISM noted that the Prices Index jumped to 78.3% in March from 70.5% in February, one of the clearest signs that inflation pressure moved up faster than hiring did. — ISM March 2026 Manufacturing PMI Report

7. ISM's Backlog of Orders Index registered 54.4% in March 2026, down 2.2 points from 56.6% in February but still above the 50 expansion line. — ISM March 2026 Manufacturing PMI Report

8. ISM's Employment Index was 48.7% in March 2026, showing that factory activity improved faster than payroll expansion did. — ISM March 2026 Manufacturing PMI Report

9. ISM's Employment Index was 48.8% in February 2026, meaning the labor component stayed in mild contraction even while the headline PMI moved into expansion. — ISM February 2026 Manufacturing PMI Report

10. ISM said the six largest manufacturing industries in March 2026 were Chemical Products, Transportation Equipment, Food Beverage & Tobacco, Computer & Electronic Products, Machinery, and Petroleum & Coal Products. — ISM March 2026 Manufacturing PMI Report

11. ISM's Report On Business notes that the headline indicator is built from five weighted components: New Orders, Production, Employment, Supplier Deliveries, and Stocks of Purchases. — S&P Global methodology note

12. S&P Global said confidence softened fractionally in March 2026 as firms cited worries about higher energy prices and tariffs, a reminder that tariff risk is flowing into purchasing-manager sentiment even when headline PMI remains above 50. — S&P Global US Manufacturing PMI, March 2026

Quick takeaway

March 2026 was not a broad-based boom. It was a better demand month with a still-soft hiring picture and much hotter pricing. That distinction matters for manufacturers making budgeting, forecasting, and inventory decisions.

Factory Orders, Shipments, and Inventory Statistics

PMI is a direction-of-travel signal. Census M3 data tells you what actually happened in dollars. In early 2026, the hard data showed modest order growth, better shipments, rising backlogs, and inventories that stayed controlled rather than ballooning. That is a healthier mix than a PMI expansion driven purely by sentiment.

Metric January 2026 Change Source
New orders for manufactured goods $620.1B +$0.9B, +0.1% Census M3
Shipments $612.9B +$2.8B, +0.5% Census M3
Unfilled orders $1,540.4B +$12.1B, +0.8% Census M3
Inventories $949.8B +$0.7B, +0.1% Census M3
Unfilled orders-to-shipments ratio 7.01 Flat vs. December Census M3
Inventories-to-shipments ratio 1.55 Down from 1.56 Census M3

13. New orders for manufactured goods were $620.1 billion in January 2026, up two of the last three months. — Census Bureau M3 Full Report

14. January new orders increased by $0.9 billion, or 0.1%, after a 0.4% decrease in December. — Census Bureau M3 Full Report

15. Shipments rose to $612.9 billion in January 2026, up 0.5% month over month. — Census Bureau M3 Full Report

16. Census said shipments were up three of the last four months, which lines up with a more durable recovery than a one-month PMI pop. — Census Bureau M3 Full Report

17. Unfilled orders reached $1.5404 trillion in January 2026, up 0.8%. — Census Bureau M3 Full Report

18. Unfilled orders increased in 18 of the last 19 months through January 2026, showing that backlog pressure has not fully cleared. — Census Bureau M3 Full Report

19. Manufacturing inventories totaled $949.8 billion in January 2026. — Census Bureau M3 Full Report

20. Inventories increased for four consecutive months through January 2026, but only by 0.1% in the latest month. — Census Bureau M3 Full Report

21. The inventories-to-shipments ratio moved down from 1.56 to 1.55 in January 2026, which is a healthier sign than inventory accumulation without shipment growth. — Census Bureau M3 Full Report

22. The unfilled orders-to-shipments ratio held at 7.01 in January 2026. — Census Bureau M3 Full Report

Industrial Production and Capacity Utilization Statistics

If PMI tells you where purchasing managers think the factory economy is headed, industrial production tells you whether the machines are actually running harder. In the latest data, output improved, but utilization remained below long-run norms. That means most manufacturers still have some room before the system feels truly tight.

+0.2%

Manufacturing output change in February 2026

Federal Reserve G.17

98.30

FRED manufacturing production index, Feb. 2026

FRED IPMAN

75.51%

FRED manufacturing capacity utilization, Feb. 2026

FRED MCUMFN

21. Total industrial production increased 0.2% in February 2026 after rising 0.7% in January. — Federal Reserve G.17, February 2026 release

22. Manufacturing output also rose 0.2% in February 2026. — Federal Reserve G.17, February 2026 release

23. Mining output grew 0.8% in February 2026, while utilities output fell 0.6%. — Federal Reserve G.17, February 2026 release

24. At 102.6% of its 2017 average, total industrial production in February 2026 was 1.4% above its year-earlier level. — Federal Reserve G.17, February 2026 release

25. Total industrial capacity utilization was 76.3% in February 2026. — Federal Reserve G.17, February 2026 release

26. The Fed said total industrial capacity utilization remained 3.1 percentage points below its long-run 1972-2025 average in February 2026. — Federal Reserve G.17, February 2026 release

27. The manufacturing production index in FRED was 98.30 in February 2026, up from 98.14 in January. — FRED: Industrial Production, Manufacturing (IPMAN)

28. The same manufacturing production index was 96.96 in February 2025, so February 2026 was up roughly 1.4% year over year. — FRED: Industrial Production, Manufacturing (IPMAN)

29. Manufacturing capacity utilization in FRED reached 75.51% in February 2026, up slightly from 75.46% in January. — FRED: Capacity Utilization, Manufacturing (MCUMFN)

30. Manufacturing capacity utilization was 75.39% in February 2025, so the latest reading was only modestly higher year over year. — FRED: Capacity Utilization, Manufacturing (MCUMFN)

Recent Manufacturing Production Trend

Month IPMAN MCUMFN
Sep 202598.0575.69%
Oct 202597.2174.96%
Nov 202597.5575.14%
Dec 202597.3574.91%
Jan 202698.1475.46%
Feb 202698.3075.51%

Source: FRED IPMAN and FRED MCUMFN.

Manufacturing Labor Market Statistics Behind the PMI

One of the easiest mistakes in manufacturing forecasting is assuming a stronger PMI automatically means stronger hiring. The latest data says otherwise. Production, orders, and sentiment improved faster than the labor market did. That creates a more realistic picture for plant leaders: the sector is improving, but it is still cautious about adding headcount.

31. US manufacturing employment stood at 12.591 million in March 2026, according to the FRED manufacturing employment series. — FRED: Manufacturing Employment (MANEMP)

32. Manufacturing employment was 12.576 million in February 2026, so March added roughly 15,000 jobs month over month. — FRED: Manufacturing Employment (MANEMP)

33. Manufacturing employment was 12.666 million in March 2025, which means the sector was still down about 75,000 jobs year over year by March 2026. — FRED: Manufacturing Employment (MANEMP)

34. Average hourly earnings for all manufacturing employees reached $36.59 in March 2026. — FRED: Avg. Hourly Earnings, All Manufacturing Employees

35. That was up from $36.39 in February 2026 and $35.25 in March 2025, or about 3.8% year over year. — FRED: Avg. Hourly Earnings, All Manufacturing Employees

36. Production and nonsupervisory manufacturing workers earned $29.95 per hour in March 2026. — FRED: Avg. Hourly Earnings, Production & Nonsupervisory Manufacturing

37. Production-worker pay was $28.92 in March 2025, so hourly earnings rose about 3.6% year over year. — FRED: Avg. Hourly Earnings, Production & Nonsupervisory Manufacturing

38. Manufacturing job openings totaled 438,000 in February 2026. — FRED: Manufacturing Job Openings (JTU3000JOL)

39. Job openings hit 508,000 in January 2026 before easing in February, showing that demand for labor stayed elevated even as firms remained selective on hiring. — FRED: Manufacturing Job Openings (JTU3000JOL)

40. Manufacturing quits were 150,000 in February 2026, below the 188,000 level seen in March 2025. — FRED: Manufacturing Quits (JTU3000QUL)

41. Manufacturing layoffs and discharges fell to 87,000 in February 2026 from 120,000 in January. — FRED: Manufacturing Layoffs & Discharges (JTU3000LDL)

42. Manufacturing layoffs and discharges were 110,000 in February 2025, so the latest reading was lower year over year. — FRED: Manufacturing Layoffs & Discharges (JTU3000LDL)

The labor picture in early 2026 was not recessionary. It was cautious. Openings stayed elevated, layoffs eased in February, wages kept rising, but ISM employment remained below 50. That usually means plants are trying to do more with existing labor before they commit to broader hiring. In the language of the ISM manufacturing business survey, the indicator mix looked expansionary for output and demand, but not yet for broad labor expansion.

Manufacturer Sentiment and Outlook Statistics

PMI does not operate in a vacuum. Executive outlook surveys help explain whether manufacturers expect current conditions to continue. NAM's Q1 2026 survey showed optimism rising, but it also showed real stress around trade, insurance costs, input inflation, and export exposure. That fits the broader PMI picture almost perfectly.

43. In NAM's Q1 2026 survey, 75.3% of manufacturers reported a positive outlook for their company. — NAM Q1 2026 Manufacturers' Outlook Survey

44. That was up 5.4 percentage points from the previous quarter. — NAM Q1 2026 Manufacturers' Outlook Survey

45. NAM said the Q1 2026 positive outlook reading topped the historical average of 74.3% for the first time since 2023. — NAM Q1 2026 Manufacturers' Outlook Survey

46. Manufacturers expected sales to rise 3.8% over the next 12 months. — NAM Q1 2026 Manufacturers' Outlook Survey

47. NAM respondents projected production growth of 3.5%, up from a 2.4% forecast in the previous quarter. — NAM Q1 2026 Manufacturers' Outlook Survey

48. 70.6% of manufacturers cited trade uncertainties as a top business challenge in Q1 2026. — NAM Q1 2026 Manufacturers' Outlook Survey

49. 69.8% cited rising health care and insurance costs as a top challenge. — NAM Q1 2026 Manufacturers' Outlook Survey

50. 57.5% cited raw material and other input costs as a major concern. — NAM Q1 2026 Manufacturers' Outlook Survey

51. A majority of manufacturers, 54.6%, said they use Canada or Mexico for critical parts of their supply chains. — NAM Q1 2026 Manufacturers' Outlook Survey

52. Among those manufacturers using Canada or Mexico, 82.2% source raw materials or other inputs from one of those countries. — NAM Q1 2026 Manufacturers' Outlook Survey

53. Among that same group, 62.7% said they benefit from a strong customer base across the border. — NAM Q1 2026 Manufacturers' Outlook Survey

What These Manufacturing PMI Statistics Actually Mean

There are three practical lessons in the current data.

First, PMI is improving faster than payrolls. ISM moved above 52, S&P Global was above 52, orders were positive, and output improved. But ISM employment stayed below 50, total manufacturing employment remained slightly below year-ago levels, and hiring is still being managed carefully. If you are forecasting labor demand, do not treat a stronger PMI as an automatic green light for aggressive staffing expansion.

Second, inflation pressure is back in the conversation. ISM prices paid spiked to 78.3 in March. NAM respondents also flagged input costs, trade uncertainty, and insurance costs as top concerns. That combination usually shows up later in margin pressure, not just in sentiment data. Manufacturers selling long-lead projects or fixed-price work should be paying close attention.

Third, hard data is not contradicting the PMI rebound. Census reported higher orders, higher shipments, higher backlogs, and only modest inventory growth. The Fed reported better output. Capacity utilization remains below long-run averages, which suggests the industry can still absorb more demand before it runs into a broad capacity wall. For sales and marketing teams in manufacturing, that usually means buyers are active, but still selective. That is exactly when clear positioning and lead generation matter most.

Best bullish signal

PMI expansion matched by rising orders, shipments, and output.

Main caution flag

Employment under 50 and prices paid surging above 78.

What to watch next

Whether employment and new orders broaden without a fresh inventory build.

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Cite This Data

If you reference this resource in an article, report, or presentation, please cite it like this:

Manufacturing Lead Generation. "Manufacturing PMI Statistics (2025-2026): ISM, Orders, Output & Capacity Data." ManufacturingLeadGeneration.com, April 9, 2026. https://manufacturingleadgeneration.com/manufacturing-pmi-statistics/

Sources