Instant View: US ISM dives deeper into contraction

The US economy has been perceived as resistant to global slowdown. The latest ISM does not fit into that narrative though – a drop to 47.8 means a risk of manufacturing recession is alive.

Defying a small uptick in Markit PMI the US ISM slid to 47.8 from 49.1 points and well short of expectations of 50.1 points. This number points at a significant contraction in industry, fuelled by declines in new orders and employment.

No longer resistant? US manufacturing ISM dives to the lowest of the decade! Source: Macrobond, XTB Research

Interestingly, market reaction is muted. US indices behave as if they were resistant to any kind of bad news lately. More importantly, the strong US dollar could be a major problem for the US economy.

US500 had no choice but to dive back into the channel but we will see for how long the bears dominate – buyers have been returning like a boomerang lately. Source: xStation5

20 November 2025, 4:43 PM

🚨US100 erases all daily gains

20 November 2025, 1:32 PM

BREAKING: Philly Fed lower than expected, manufacturing weakens but outlook improves 📌

20 November 2025, 1:31 PM

BREAKING: US100 ticks higher after NFP upbeat data release 💡

20 November 2025, 9:55 AM

Chart of the day: US100 (20.11.2025)

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Instant View: US ISM dives deeper into contraction

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