S&P Global PMI Manufacturing Index: 51.2
S&P Global PMI Services Index: 52.9
ISM PMI Manufacturing Index: 50.9
ISM PMI Services Index: 52.8

The US manufacturing sector expanded in early 2025, driven by confidence in the Trump administration’s protectionist policies, including tax cuts and import tariffs. The S&P Global US Manufacturing PMI rose to 51.2, and the ISM Manufacturing PMI reached 50.9, marking the first expansion after 26 months of contraction, with increased demand, production, and employment. Meanwhile, the services sector remained in expansion but slowed due to weaker new orders and extreme weather disruptions. The S&P Global US Services PMI fell to 52.9, and the ISM Services PMI declined to 52.8, as cold weather affected businesses and transportation, while interest rate expectations influenced financial services demand.

By PHINTRACO SEKURITAS | Research
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