FX.co ★ US Manufacturing PMI Above Expectations in March

The S&P Global US Manufacturing PMI rose to 52.4 in March 2026 from 51.6 in February, beating market expectations of 51.3, according to preliminary data. Output growth accelerated, and new orders posted their sharpest increase since October 2025, supported by stabilizing export demand after eight consecutive months of decline. Firms cited easing tariff pressures and increased stockpiling amid concerns over a prolonged conflict in the Middle East and the risk of further price surges. However, employment growth slowed to its weakest pace in eight months, and supplier delivery times deteriorated to their worst levels since October 2022. Both input and output prices jumped, reflecting mounting cost pressures. Despite the war-related risks, business confidence improved to a 13-month high, underpinned by reduced tariff concerns and optimism about stronger domestic demand for US manufactured goods.