The S&P Global US Manufacturing PMI rose to 55.1 in May 2026, up from 54.5 in April but slightly below the flash estimate of 55.3. This was the strongest monthly expansion in the sector since May 2022, underpinned by the sharpest increase in output since April 2022 and another month of solid growth in new orders. Stockpiling also played a role, as firms moved to hedge against rising prices and supply chain disruptions linked to the conflict in the Middle East.
Exports, however, declined for the eleventh consecutive month, with companies citing geopolitical instability and tariffs as key factors. Employment posted only modest gains but still reached a five-month high, while purchasing activity grew at a solid pace. Supplier delivery times deteriorated at the fastest rate since August 2022.
On the pricing front, both input costs and output charges rose at their quickest pace in nearly four years. At the same time, business confidence weakened, slipping to a four-month low.
