The S&P Global US Manufacturing PMI for July 2026 was revised slightly upward to 53.9 from the preliminary estimate of 53.8, matching June’s reading and indicating another month of solid expansion in factory activity. Operating conditions have now improved for 12 consecutive months, though the pace of growth has moderated.
Output increased at its slowest rate since March, and new orders rose at a weaker pace for the third month in a row. Export orders continued to fall, weighed down by tariff pressures and subdued external demand.
Supply chain disruptions remained pronounced, with supplier delivery times lengthening at one of the sharpest rates in four years, exacerbating material shortages. Input cost inflation—driven by higher energy prices and tariffs—eased to a four-month low but stayed elevated, leading manufacturers to continue raising selling prices.
Business confidence remained in positive territory but moderated to its lowest level since October 2025.
