FX.co ★ US ISM Manufacturing PMI Highest Since 2022

The ISM Manufacturing Purchasing Managers' Index (PMI) for the United States saw an unexpected rise to 52.6 in January 2026, up from 47.9 in December, surpassing the anticipated 48.5. This data indicates that economic activity within the manufacturing sector expanded in January for the first time in a year, marking the most significant growth since 2022. This expansion can be attributed to improvements across various components, including new orders (57.1 compared to 47.4), production (55.9 compared to 50.7), employment (48.1 compared to 44.8), supplier deliveries (54.4 compared to 50.8), and inventories (47.6 compared to 45.7), although both employment and inventories continue to show contraction. Meanwhile, inflationary pressures remained relatively steady (59 compared to 58.5). Susan Spence, the chair of the ISM Manufacturing Business Survey Committee, noted, "While these developments are promising for the year's outset, caution is warranted as January traditionally sees reordering post-holidays, with some purchases being made in anticipation of price hikes related to continuing tariff challenges."