đ U.S. Manufacturing & Trade Report Shows Mixed Signals
New data from the U.S. Manufacturing and Trade Inventories and Sales report (October 2025) shows the economy sending conflicting signals â a blend of strength and caution. (Census.gov)
đ Slower Sales, But Still Growing YearâOverâYear
Combined distributive trade sales + manufacturersâ shipments: ~$1.94âŻtrillion in October
⢠Down ~0.2% from September
⢠Up ~3.5% from October 2024
This suggests recent softness monthâtoâmonth, but underlying annual growth remains intact. (Census.gov)
đŚ Inventories Climb
Business inventories: up ~0.3% from September
Inventories also higher yearâoverâyear
Rising inventories can signal slower demand or stockpiling ahead of uncertainty â both influence trade dynamics. (Census.gov)
âď¸ Mixed Manufacturing Signals
Two key readings paint different pictures:
⢠S&P Global U.S. Manufacturing PMI: Slightly above expansion territory, pointing to modest growth in activity and new orders. (Trading Economics)
⢠ISM Manufacturing PMI: Below 50 â indicating contraction in traditional factory activity amid tariff uncertainty and softer orders. (Forex Factory)
đ Market Takeaway
â
Annual activity still structurally higher
â Monthâtoâmonth sales contraction & inventory buildup
â ď¸ Manufacturing surveys diverging (some show expansion, others contraction)
This mix reflects ongoing adjustments in U.S. trade and industrial sectors â influenced by tariffs, supply chains, and global demand shifts.
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