Tariffs on global trading partners as of March 2025 have the potential to significantly impact the economy. across Michigan due to tariffs on steel and aluminum Projected 2,300 loss in jobs
Source: University of Michigan Research Seminar in Quantitative Economics
Yet there are signs that manufacturing is entering this period on a stronger footing than in past months. The purchasing managers index for U.S. manufacturing posted its first signs of economic expansion in January 2025 after 26 consecutive months of contraction.
U.S. Manufacturing Purchasing Managers Index
54
53
52
51
PMI above 50 = sector expansion; below 50 = sector contraction
50
49
48
47
46
JAN 2024
FEB 2024
MAR 2024
APR 2024
MAY 2024
JUN 2024
JUL 2024
AUG 2024
SEP 2024
OCT 2024
NOV 2024
DEC 2024
JAN 2025
Source: Institute for Supply Management
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