Purchasing and supply executives anticipate flat economic growth in the U.S. this year, according to a new report from the Institute for Supply Management.
The Spring 2025 ISM Supply Chain Planning Forecast — formerly the Spring ISM Semiannual Economic Forecast — showed that manufacturing supply chain leaders, on average, expected revenue growth of just 0.1% this year amid a series of economic headwinds, including trade issues, continued inflation concerns and geopolitical uncertainty.
Among the survey's manufacturing respondents, 34% anticipated higher 2025 revenues, 22% expected lower revenues for the year, and 44% indicated "no change," the report's authors said. In addition, just eight of 18 industries tracked by the report expected increased revenue for the year, among them primary metals, miscellaneous manufacturing, electrical equipment and computer and electronic products.
"With eight manufacturing industries expecting revenue growth in 2025 and eight industries expecting employment growth in 2025, panelists forecast a flat rest of the year," Timothy Fiore, the outgoing chair of the ISM Manufacturing Business Survey Committee, said in a statement. "Sentiment in each industry was generally consistent with performance reports in the April 2025 Manufacturing ISM Report On Business, as well as the fall ISM Supply Chain Planning Forecast conducted in December."
The report also expected production capacity to climb by 1.8% this year, while manufacturing capital expenditures were projected to decline by 1.3%. Respondents reported that prices had increased by 4.7% during the first four months of the year — ahead of the year-end forecast of 3%.
