US ISM Manufacturing PMI releases at 48.7 vs 49.0, a small miss – Market reactions

Ben Graham · September 2, 2025

Markets just received the report for the US ISM Manufacturing data, which missed slightly on expectations – The monthly release came at 48.7 vs 49.0 consensus – Still in contraction territory.

US manufacturing is closely monitored by participants since US President Trump's mandate to bring back US production on top – his bet still has to show more results as the ISM Manufacturing PMI is still below the key 50.0 mark.

Despite the rebound from the prior 48.0 report, Tariffs are still showing that they can bite and influence data quite largely.

You can access the report right here.

The US Dollar is weakening after testing the highs of its range and this phenomenon is accelerating since the data release.

Discover the reactions for US Equities (Nasdaq), US Treasuries and EURUSD just below.

Live Market reactions

Nasdaq Index 5m

US ISM Manufacturing PMI releases at 48.7 vs 49.0, a small miss – Market reactions - ExpertFX School — Nasdaq 5M chart, September 2, 2025 – Source: TradingView

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