The ISM Manufacturing Purchasing Managers' Index (PMI) registered its highest reading since May 2022 in the latest survey period, signaling a broad-based recovery in U.S. industrial activity after a prolonged contraction cycle. ISM Manufacturing Business Survey Committee Chair Susan Spence noted that while companies remain cautious amid ongoing trade policy uncertainty, the 'wait-and-see' posture is diminishing as order books fill and production schedules firm. Key sub-indices showed new orders expanding at the fastest pace in 40 months, while supplier delivery times lengthened — typically a sign of strengthening demand. For the logistics sector, expanding manufacturing activity translates directly to increased freight demand across trucking, rail, and parcel networks, reinforcing the freight market tightening already underway from supply-side capacity reductions. The PMI reading provides macro-level confirmation of the freight volume growth observed in rail intermodal and trucking spot rate data.
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