FX.co ★ US Manufacturing PMI Surprises on the Upside: S&P Global

The S&P Global US Manufacturing PMI rose to 50.7 in April 2025, up from 50.2 in March, exceeding market expectations of 49.1, according to preliminary estimates. Although the growth was modest, April marked the fourth straight month of expansion in the manufacturing sector. Output began growing again after a contraction in March, albeit marginally. There was a slight uptick in new factory orders, primarily fueled by stronger domestic demand; however, this was balanced by a notable decline in export orders. Tariffs reportedly boosted some domestic sales, yet trade policies have been largely blamed for the decrease in foreign sales. Additionally, the sector saw job cuts for the first time since October. Looking ahead, business confidence hit its lowest point since last August, due to rising costs, ongoing supply shortages, slower economic growth, and waning demand from export markets.