FX.co ★ US Manufacturing Growth Strongest Since 2022

The S&P Global US Manufacturing PMI rose to 55.7 in June 2026 from 55.1 in May, beating market expectations of 54.8 and marking its highest reading since May 2022. This signals a continued improvement in factory operating conditions since last August, with growth steadily strengthening from the recent trough in February. The acceleration was driven by the fastest increase in output since July 2021, supported by the strongest rise in new orders since April 2022. Input inventories also recorded their largest build-up since May 2025, the second-steepest increase in the survey’s history. The headline PMI was further lifted by the most pronounced lengthening in supplier delivery times since August 2022. However, overall gains were tempered by a sharp fall in employment, the steepest reduction in manufacturing payrolls since May 2020.