Highest reading since October 2024
- Business activity index 54.4 vs 52.6 prior
- Employment 52.0 vs 48.9
- New orders57.9 vs 52.9 prior
- Prices paid 64.3 vs 65.4 prior
- Supplier deliveries51.8 vs 54.1 prior
- Inventories54.1 vs 54.8 prior
- Backlog of orders 42.6 vs 49.1 prior
- New export orders 54.2 vs 48.7 prior
- Imports 50.3 vs 48.9 prior
- Inventory sentiment 54.1 54.8 prior
Justin wrote a great preview for this report earlier. There has been some recovery in this report since September but it's generally been rangebound over the past two years.
Comments in the report:
- “We continue to experience higher prices, primarily due to the impact of the administration’s trade and tariff policies. We are disproportionately impacted by importing seafood from Southeast Asia and coffee from South America.” [Accommodation & Food Services]
- “In general, business is flat. Value brands are still experiencing higher demand. But premium brands struggle to maintain market share.” [Agriculture, Forestry, Fishing & Hunting]
- “Rising labor and staffing shortages across facilities and auxiliary services, increasing regulatory and compliance requirements within the state, continued inflationary pressure on supplies and contracted services, ongoing supply-chain variability for specialized equipment and materials, heightened sustainability expectations and state-led environmental initiatives, fluctuations in enrollment affecting institutional budgets and purchasing volumes, and increased competition and pricing volatility in the regional supplier market.” [Educational Services]
- “Overall, business is healthy, most of our purchasing is staying consistent, and we are renewing most contracts as we head into the new year.” [Finance & Insurance]
- “Flu cases on the rise; the vaccine is not of much help this year. Respiratory equipment and supplies are seeing a surge in demand.” [Health Care & Social Assistance]
- “Annual pricing markups from key service and data providers are higher than they’ve been for many years — gradually drives costs up.” [Information]
- “Continuing uncertainty and apprehension regarding tariffs and the resulting impact on pricing.” [Public Administration]
- “We expect flat national home prices in 2026, with a forecast of a 0.5-percent increase and a plausible range from a decrease of 3.6 percent to a gain of 4.6 percent. Many metro areas across the country are already posting year-over-year declines, making 2026 the most likely year since 2010 for a modest national price dip.” [Real Estate, Rental & Leasing]
- “High business activity due to the holiday season.” [Transportation & Warehousing]
- “Year-over-year growth has been coming down for the last three months. Most likely, the government shutdown was a contributor.” [Wholesale Trade]
