📰🎧 ▶️ In This Episode
In October 2025, the U.S. manufacturing sector sent completely contradictory signals. The ISM Manufacturing PMI contracted to 48.7% - the eighth straight month of decline - while the S&P Global Manufacturing PMI expanded to 52.5% with the strongest new orders in 20 months. Which survey tells the real story? How can both be right? And what does this divergence mean for steel prices and your business outlook?
This episode explores the fundamental differences between these two critical manufacturing surveys, reveals why they’re diverging so dramatically in 2025, and breaks down what the conflicting signals mean for steel pricing, supply chain strategy, and manufacturing investment decisions. We’ll examine the methodological differences (sample size, seasonal adjustment, sector coverage), dissect how tariffs are creating a bifurcated manufacturing economy, and provide forward-looking analysis on steel prices heading into 2026.
Key topics covered:
How the ISM PMI (800 c…
