FX.co ★ US Manufacturing Growth Eases Slightly in July

The S&P Global US Manufacturing PMI slipped to 53.8 in July 2026 from 53.9 in June, coming in below market expectations of 54.3, according to the preliminary estimate. Despite the marginal decline, the index remained near its highest level in more than four years. The slight loss of momentum was driven by a marked slowdown in output growth, which eased to its weakest pace since March, while new orders increased at the slowest rate in four months. Slower inventory accumulation, following exceptionally strong stockbuilding in May and June, also dragged on the headline PMI. These factors were partly offset by a renewed rise in factory employment and an increase in supplier delivery times. However, unlike the delays typically associated with robust demand, the latest deterioration in supplier performance was mainly attributed to supply disruptions related to the Middle East.