The ISM PMI had weakened because of the Trump's tariffs.

Missing parameter:

Estimated Local New Orders: New orders - New Export Orders = +2 - (-6.5) = +8.5

Estimated Local Material: Inventories - Imports = -2.6 - (-3) = 0.4

This April PMI report had been affected by the Trump's tariffs but its full effect would only be reflected in May 2025.

As we could see from the above table, the prices had increased marginally and the local consumption had spiked significantly (est'd +8.5) due to front-loading.  However, the producers had reduced their production in anticipation of weakening consumer demand.  Thus, the net result was a decline in the PMI to 48.7 and this won't be the worst report for 2025.