FX.co ★ US Manufacturing PMI Shows Steady Expansion in November

The S&P Global US Manufacturing PMI recorded a figure of 52.2 in November 2025, slightly surpassing the preliminary estimate of 51.9 but reflecting a decrease from October’s final mark of 52.5. This outcome signifies ongoing solid improvement in the manufacturing sector's operating conditions, albeit at a moderating pace. The sector experienced the most substantial rise in output since August, partly driven by an increase in new orders. However, overall demand only saw modest growth amidst continued market uncertainty. Inventories of finished goods increased at an unprecedented rate for the second consecutive month, indicating softer-than-expected sales. Meanwhile, employment growth reached its highest point in three months. In terms of pricing, input cost inflation remained high, influenced by tariff pressures, and companies continued to transfer these higher costs to consumers through increased selling prices. Nonetheless, the rate of inflation decelerated to one of its lowest points this year. Business sentiment improved significantly, with confidence reaching its highest point since June.