Manufacturing activity in the United States has shown significant contraction, with the ISM Manufacturing PMI falling to 48.5 in May, marking the third consecutive month of decline. This has raised concerns as import levels hit their lowest since 2009 and trade policies, particularly tariffs, continue to weigh heavily on the sector. Despite some marginal improvements in certain areas, overall production remains subdued, with lengthening delivery times further complicating the landscape for manufacturers. Economic analysts are closely monitoring these trends as the impact of tariffs and trade uncertainty persists, contributing to a generally unfavorable outlook.