FX.co ★ US Manufacturing PMI Unexpectedly Rises in May

The S&P Global Flash US Manufacturing PMI climbed to 52.3 in May 2025, marking its highest level in three months, compared to April's 50.2 and exceeding expectations of 50.1. This figure indicates the most robust enhancement in business conditions since June 2022, as factory production returned to growth after experiencing two months of decline, and new orders reached a 15-month peak. A significant positive factor was the surge in inventories, which increased to their highest extent since the start of the survey in 2009. Furthermore, longer delivery times, typically indicative of busier manufacturing supply chains, contributed to the rise in the PMI, with delays being the most pronounced in 31 months. However, employment saw a decline for the second month in a row, and manufacturers posted the largest monthly increase in selling prices since September 2022. Moreover, input costs rose at the steepest pace since August 2022.