US economy shows signs of 'paralysis' as new data reveals hiring slowdown, activity contraction in May Josh Schafer · Reporter Updated Thu, Jun 5, 2025, 9:49 AM 3 min read ...

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The Institute for Supply Management (ISM) manufacturing purchasing managers' index (PMI) came in at 48.5 in May, indicating contraction in U.S. manufacturing for a third straight month.

A private gauge of China's manufacturing activity tumbled into contraction in May, touching the lowest level since September 2022 as tariffs continue to weigh despite a trade truce with the U.S.

Before falling into contraction in April, the last time the manufacturing PMI reading was below 50 was in August 2023 when it stood at 49.9 points, SIPMM data showed.