The composite manufacturing index in the US Fifth District improved by two points from the previous month to -7 in June of 2025, in line with market expectations. The result underlined a softer decline in the volume on few orders by factories (-12 vs -14 in May), while the contraction for shipments slowed to a greater extent (-3 vs -10). In the meantime, backlogs of orders continued to decline sharply (-20 vs -19). Looking forward, expectations of incoming new orders rebounded (5 vs -3), likely supported by expectations that tariffs might be softer than previously feared and support demand from foreign clients.