US factory activity declined in March, adding to fears that Donald Trump’s aggressive trade policies are weighing on the world’s largest economy.
The Institute for Supply Management’s manufacturing purchasing managers’ index dropped to 49 in March from 50.3 the previous month, entering contraction for the first time in 2025. Economists polled by Reuters had forecast a smaller decline to 49.5.
Factory orders and employment slumped, while price growth accelerated, as companies “responded to demand confusion” and uncertainty triggered by the prospect of higher tariffs on some of the country’s most important trading partners, said Timothy Fiore, chair of the ISM Manufacturing Business Survey Committee.
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