The S&P Global US Manufacturing PMI for June 2026 was sharply revised down to 53.9, well below the preliminary estimate of 55.7 and May’s final reading of 55.1. While the index remains in expansion territory for the eleventh consecutive month—signaling a continued, solid improvement in operating conditions—the pace of growth was the weakest in three months.
Both output and new orders rose again, though their growth slowed from recent highs. Even so, the expansion remained historically robust, supported by new product launches and pre-ordering activity as firms sought to protect against further price increases.
Input costs climbed sharply, reflecting higher raw material prices, but the rate of inflation eased from May’s peak. Selling price inflation also moderated, falling to a three-month low.
Labor market conditions deteriorated, with job cuts accelerating to their fastest pace since May 2020 and, excluding the pandemic period, the steepest since October 2009. Business confidence weakened as well: optimism about the year-ahead outlook declined for a second straight month, reaching its lowest level since October 2025.
