FX.co ★ US Manufacturing Slips Back Into Contraction in July

The S&P Global US Manufacturing PMI decreased to 49.5 in July 2025, descending from June's peak over the past 37 months, and significantly below the anticipated 52.6, based on preliminary estimates. This figure indicates the first downturn in manufacturing business conditions since December, attributed to a slowdown in production growth and a decline in new orders for the year. Additionally, both employment levels and purchase inventories saw a reduction for the first time since April. On a positive note, supplier delivery times improved for the first time since September of last year, reaching the best level in 17 months. This suggests a relief in supply chain pressures, albeit contributing negatively to the overall PMI score.