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US Manufacturing PMI Above Expectations in March
The S&P Global US Manufacturing PMI climbed to 52.4 in March 2026, up from 51.6 in February and exceeding market expectations of 51.3, according to preliminary data. Production growth picked up, while new orders saw their strongest rise since October 2025, supported by stabilizing export demand after eight months of decline. Firms reported easing tariff pressures and stockpiling due to fears of prolonged Middle East war disruptions and potential price spikes. However, employment growth slowed to an eight-month low, and supplier delivery times lengthened to levels not seen since October 2022. Input and output prices surged, reflecting rising costs. Despite war-related concerns, business confidence reached a 13-month high, driven by reduced tariff worries and optimism over stronger domestic demand for US goods.
Published on 2026-03-24

US Manufacturing Activity Revised Higher
The S&P Global US Manufacturing PMI fell to 51.6 in February of 2026 from 53.4 in the previous month, revised higher from the preliminary estimate of 51.6 but remaining below the initial market expectations of 52.6. Still, the result reflected a seventh straight expansion in the sector's activity. New orders continued to increase, albeit at a softer pace as goods producers noted that high prices, tariffs, and adverse weather conditions dented client demand. The panel also noted that sales were increasingly dependent on domestic clients as the fallout of tariffs and retaliation from the White House against key trading partners drove exports to decline for an eighth month. Consequently, companies pared the pace of hiring and employment levels rose only fractionally. Looking ahead, business optimism improved despite the tariffs and higher inflation for raw materials.
Published on 2026-03-02

US Manufacturing Activity Revised Higher: S&P Global
The S&P Global US Manufacturing PMI fell to 51.6 in February of 2026 from 53.4 in the previous month, revised higher from the preliminary estimate of 51.6 but remaining below the initial market expectations of 52.6. Still, the result reflected a seventh straight expansion in the sector's activity. New orders continued to increase, albeit at a softer pace as goods producers noted that high prices, tariffs, and adverse weather conditions dented client demand. The panel also noted that sales were increasingly dependent on domestic clients as the fallout of tariffs and retaliation from the White House against key trading partners drove exports to decline for an eighth month. Consequently, companies pared the pace of hiring and employment levels rose only fractionally. Looking ahead, business optimism improved despite the tariffs and higher inflation for raw materials.
Published on 2026-03-02

US Manufacturing Growth Eases: S&P Global
The S&P Global US Manufacturing PMI fell to 51.2 in February from 52.4 in January, below expectations of 52.6, pointing to a seventh straight month of expansion but the weakest improvement in that period. Factory output growth slowed to its lowest level since July, while new orders edged down for the second time in three months, signaling softer demand. Employment growth nearly stalled, marking the smallest rise since last July as firms grew more cautious. Inventories of purchases declined for the first time since July and at the fastest pace in 13 months, reflecting lower input needs and supply constraints. Supplier delivery times lengthened to the most since October 2022 due to delays, shortages and adverse weather, highlighting ongoing pressures in supply chains despite moderating activity.
Published on 2026-02-20

US Manufacturing PMI Signals Stronger Expansion in January
The S&P Global US Manufacturing PMI increased to 52.4 in January 2026, above the preliminary estimate of 51.9 and up from December’s five-month low of 51.8. The latest reading points to a firmer pace of expansion in manufacturing activity, broadly in line with the survey’s long-run average. Output rose sharply, marking the strongest increase since last August and the joint-fastest pace since May 2022. New orders posted a modest rebound, though overall demand remained constrained by a seventh straight monthly decline in export orders, reflecting the impact of tariffs and persistent trade uncertainty. Hiring remained positive but job growth eased to a three-month low. On the inflation front, input cost pressures strengthened, while manufacturers raised selling prices at the fastest pace since August. Business confidence was unchanged, with geopolitical risks and rising costs continuing to weigh on the outlook.
Published on 2026-02-02

US Manufacturing Shows Modest Momentum in January
The S&P Global US Manufacturing PMI inched up to 51.9 in January 2026, virtually unchanged from December’s 51.8 and broadly in line with market expectations of 52, according to preliminary data. Despite the slight uptick, the index continued to point to the second-weakest improvement in factory business conditions since July, as employment growth slowed to a six-month low. Output growth, however, accelerated to its strongest pace since last August, while new orders rebounded after declining in December. Supplier delivery times lengthened, though at a more moderate pace, and inventories of purchased inputs remained broadly unchanged.
Published on 2026-01-23

US Manufacturing Shows Modest Momentum in January
The S&P Global US Manufacturing PMI inched up to 51.9 in January 2026, virtually unchanged from December’s 51.8 and broadly in line with market expectations of 52, according to preliminary data. Despite the slight uptick, the index continued to point to the second-weakest improvement in factory business conditions since July, as employment growth slowed to a six-month low. Output growth, however, accelerated to its strongest pace since last August, while new orders rebounded after declining in December. Supplier delivery times lengthened, though at a more moderate pace, and inventories of purchased inputs remained broadly unchanged.
Published on 2026-01-23

US Manufacturing Growth Slows in December
The S&P Global US Manufacturing PMI was confirmed at 51.8 in December 2025, down from 52.2 in November, marking the weakest expansion in the current five-month growth phase. New orders declined for the first time in a year, while exports fell for a seventh consecutive month, weighed down by tariffs and trade frictions. Output growth also moderated, even as firms continued to build inventories for a fifth straight month, though at a slower pace than November’s record accumulation. Employment rose solidly as manufacturers filled vacancies in anticipation of stronger conditions in 2026. On the price front, input cost inflation eased to an 11-month low but remained historically elevated, while selling price increases slowed to their weakest pace since early 2025, still running above long-term norms. Overall business confidence deteriorated, reflecting softer order inflows and persistent uncertainty surrounding tariffs and trade policy.
Published on 2026-01-02

US Manufacturing PMI Lowest in 5 Months: S&P Global
The S&P Global US Flash Manufacturing PMI fell to 51.8 in December 2025, the lowest in five months, compared to 52.2 in November and forecasts of 52. The reading pointed to a weaker improvement in manufacturing business conditions, as production growth dipped to a three-month low and new orders fell for the first time since December 2024. Input inventories also grew at a slower pace. On the other hand, employment rose the most since August, and suppliers’ delivery times lengthened to the greatest extent since September.
Published on 2025-12-16

US Manufacturing Activity Weakest in 5 Months
The S&P Global US Flash Manufacturing PMI fell to 51.8 in December 2025, the lowest in five months, compared to 52.2 in November and forecasts of 52. The reading pointed to a weaker improvement in manufacturing business conditions, as production growth dipped to a three-month low and new orders fell for the first time since December 2024. Input inventories also grew at a slower pace. On the other hand, employment rose the most since August, and suppliers’ delivery times lengthened to the greatest extent since September.
Published on 2025-12-16

US Manufacturing PMI Shows Steady Expansion in November
The S&P Global US Manufacturing PMI registered 52.2 in November 2025, slightly above the preliminary estimate of 51.9 but down from October’s final reading of 52.5. The latest result signals another month of solid, though moderating, improvement in operating conditions across the sector, underpinned by the strongest rise in output since August, supported in part by a pickup in new orders. Still, overall demand expanded only modestly amid persistent market uncertainty. Finished-goods inventories surged at a record pace for the second straight month, reflecting softer-than-expected sales, while employment growth reached a three-month high. On the pricing side, input cost inflation remained elevated due to tariff pressures. Firms continued to pass on higher costs through increased selling prices, though the pace of inflation eased to one of the lowest levels seen this year. Business sentiment strengthened notably, with confidence hitting its highest level since June.
Published on 2025-12-01

U Manufacturing PMI at 4-Month Low
The S&P Global Flash US Manufacturing PMI fell to 51.9 in November 2025, the lowest in four months, from 52.5 in October, compared to forecasts of 52. Despite the decline, the PMI still indicated an improvement in factory business conditions for the tenth time in the past eleven months. Production growth dipped slightly but remained solid by recent standards, and employment rose at the fastest rate since August. However, new order book growth weakened from October’s strong reading. In contrast, a greater lengthening of lead times acted as a stronger positive influence. Inventories of inputs were meanwhile largely unchanged.
Published on 2025-11-21

US Manufacturing PMI at 4-Month Low: S&P Global
The S&P Global Flash US Manufacturing PMI fell to 51.9 in November 2025, the lowest in four months, from 52.5 in October, compared to forecasts of 52. Despite the decline, the PMI still indicated an improvement in factory business conditions for the tenth time in the past eleven months. Production growth dipped slightly but remained solid by recent standards, and employment rose at the fastest rate since August. However, new order book growth weakened from October’s strong reading. In contrast, a greater lengthening of lead times acted as a stronger positive influence. Inventories of inputs were meanwhile largely unchanged.
Published on 2025-11-21

US Manufacturing PMI at 4-Month Low
The S&P Global Flash US Manufacturing PMI fell to 51.9 in November 2025, the lowest in four months, from 52.5 in October, compared to forecasts of 52. Despite the decline, the PMI still indicated an improvement in factory business conditions for the tenth time in the past eleven months. Production growth dipped slightly but remained solid by recent standards, and employment rose at the fastest rate since August. However, new order book growth weakened from October’s strong reading. In contrast, a greater lengthening of lead times acted as a stronger positive influence. Inventories of inputs were meanwhile largely unchanged.
Published on 2025-11-21

US Manufacturing Growth Strengthens in October: S&P Global
The S&P Global US Manufacturing PMI rose to 52.5 in October 2025, up from 52.0 in September and slightly above the preliminary estimate of 52.2. The latest reading signaled the third consecutive month of expansion in the manufacturing sector, supported by faster output growth and the strongest rise in new orders in 20 months, driven by improved market demand and success in securing new contracts. However, exports fell for the fourth straight month and at the sharpest pace since July, reflecting weaker sales to key trading partners, including Canada, China, Europe, and Mexico. Employment growth remained modest, with firms citing spare capacity in production facilities. On the price front, input cost inflation stayed elevated by historical standards due to tariffs, prompting firms to raise selling prices significantly. Finally, business confidence weakened to its lowest level since April, as firms expressed caution over global trade conditions and policy uncertainty.
Published on 2025-11-03

US Manufacturing PMI Edges Higher in October
The S&P Global US Manufacturing PMI rose to 52.2 in October 2025, up from 52.0 in September and slightly above expectations of 52.0, according to a preliminary estimate. The reading marked an improvement in factory conditions for the ninth time in ten months, supported by accelerating production and the sharpest rise in new orders in 20 months. However, employment growth eased to a three-month low, while input inventories increased only marginally. The suppliers’ delivery times index contributed modestly to the headline PMI, reflecting a slower lengthening of lead times compared with September.
Published on 2025-10-24

US Manufacturing Activity Confirmed at Steady Growth: S&P
The S&P Global US Manufacturing PMI eased to 52 in September 2025 from an over three-year high of 53 in August, in line with the preliminary estimate and the initial median consensus by markets. New orders for US factories grew for a ninth month but at a slower pace than the survey average, pressured by weak export demand as tariffs by the US triggered a series of trade disputes with major partners, driving sales from Canada and Mexico to fall. Consequently output growth also eased in the period, carried by a quicker pace of backlog depletion. Still, business confidence improved in September, and the positive expectations drove firms to continue taking more workers. On the price front, tariffs lifted input costs and inflation remained above the series average, but selling prices rose at a slower pace.
Published on 2025-10-01

US Factory Growth Decelerates in September: S&P Global
The S&P Global US Manufacturing PMI eased to 52 in September 2025 from an over three-year high of 53 in August, in line with market forecasts, preliminary estimates showed. Output expanded for a fourth month, yet the increase was significantly softer than August’s 39-month high. New orders increased for the ninth month but growth was only marginal, partly due to higher export losses from tariffs. Manufacturing job growth edged down, with input inventories rising at a softer pace. Meanwhile, lead times lengthened to the greatest degree in four months. On the price front, input prices remained elevated, among the highest levels since the pandemic, albeit with a small dip from August. However, firms reported difficulties passing higher costs on to customers due to weak demand and growing competition. Lastly, business confidence improved to a three-month high, but remained below the survey’s long-run average.
Published on 2025-09-23

US Manufacturing Growth Slows in September: S&P Global
The S&P Global US Manufacturing PMI eased to 52 in September 2025 from an over three-year high of 53 in August, in line with market forecasts, preliminary estimates showed. Output expanded for a fourth month, yet the increase was significantly softer than August’s 39-month high. Growth in new orders also slowed, partly due to higher export losses from tariffs. On the price front, input prices remained elevated, among the highest levels since the pandemic, albeit with a small dip from August. However, firms reported difficulties passing higher costs on to customers due to weak demand and growing competition.
Published on 2025-09-23

US Factory Growth Decelerates in September: S&P Global
The S&P Global US Manufacturing PMI eased to 52 in September 2025 from an over three-year high of 53 in August, in line with market forecasts, preliminary estimates showed. Output expanded for a fourth month, yet the increase was significantly softer than August’s 39-month high. New orders increased for the ninth month but growth was only marginal, partly due to higher export losses from tariffs. Manufacturing job growth edged down, with input inventories rising at a softer pace. On the price front, input prices remained elevated, among the highest levels since the pandemic, albeit with a small dip from August. However, firms reported difficulties passing higher costs on to customers due to weak demand and growing competition. Lastly, business confidence improved to a three-month high, but remained below the survey’s long-run average.
Published on 2025-09-23