The composite manufacturing index in the US Fifth District sank by 12 points from the previous month to -20 in July of 2025, the lowest in ten months, and contrasting sharply with expectations that it would improve to -2. The result reflected a fresh deterioration in activity for manufacturers in the US, suggesting that the fresh tariff threats by White House officials may have jeopardized firms' supply chains following a period of trade barrier de-escalation. The survey showed faster declines for shipments (-18 vs -5 in June) amid a plunge in the volume of new orders (25 vs -12), despite the further depletion of backlogs (-30 vs -18). In turn, the number of employees fell further (-16 vs -6). On the price front, softer growth rates were seen both for prices paid (5.65 vs 6.10) and received (3.16 vs 3.57). Despite the declines, expectations for shipments were higher (11 vs 6).