US Manufacturing Growth at Four-Year High

The S&P Global US Manufacturing PMI increased to 55.7 in June 2026 from 55.1 in May, surpassing market forecasts of 54.8 and reaching its highest level since May 2022. This expansion signifies that factory business conditions have improved continuously since last August, with growth steadily accelerating from the recent low point in February. Driving this upward momentum, production growth accelerated at the fastest pace since July 2021, propelled by the largest surge in new orders since April 2022. Additionally, input inventories experienced their biggest increase since May 2025, marking the second steepest rise in the history of the survey. The PMI also benefited from the most significant lengthening of supplier delivery times recorded since August 2022. Conversely, the overall index gains were partially constrained by a substantial decline in employment, which represented the sharpest drop in manufacturing workforce levels since May 2020.

The S&P Global US Manufacturing PMI climbed to 55.1 in May 2026, up from 54.5 in April but slightly below the preliminary estimate of 55.3. This marked the strongest monthly expansion in the sector since May 2022, driven by the sharpest increase in production since April 2022 and another month of robust new orders. Stockpiling also contributed, as companies sought to mitigate risks from rising prices and supply chain disruptions tied to the Middle East conflict. However, exports declined for the eleventh consecutive month, with firms attributing the drop to geopolitical instability and tariffs. Employment growth, though modest, reached a five-month high, while purchasing activity increased solidly. Supplier delivery times worsened the most since August 2022. On pricing, both input costs and output charges rose at the fastest pace in nearly four years. Business confidence, meanwhile, fell to a four-month low.

The S&P Global US Manufacturing PMI rose to 55.3 in May 2026, up from 54.5 in April and beating market expectations of 53.8, preliminary data showed. This marks the strongest manufacturing expansion since May 2022, with output growing at the fastest pace in over four years and job creation at its highest since June 2025. New order growth slowed but remained the second-strongest in four years, partly driven by precautionary stockpiling by clients amid the Middle East conflict. Input inventories also boosted the PMI, rising at the sharpest rate in 11 months, though this partly reflected safety stock building amid price and supply concerns. Supplier delivery times lengthened the most since August 2022.