S&P Global U.S. Manufacturing PMI holds at 53.9 in July as growth slows

S&P Global U.S. Manufacturing PMI: The S&P Global U.S. Manufacturing PMI was 53.9 in July, unchanged from June. Production rose at the weakest rate since March, while new order growth continued to grow at a slower pace. At the same time, employment rose slightly, while optimism weakened for the third consecutive month to the lowest level since October 2025.

The growth in production and new orders continued to remain domestically focused as firms reported new customers in July. At the same time, part of the gain in output was offset by raw material supply issues, challenging economic conditions and weaker demand.

Additionally, supply disruptions persisted as lead times remained elevated. At the same time, stock of finished goods rose at the slowest rate in three months. Concerns over high inflation, supply chain disruptions and slowing sales growth led optimism to fall to its lowest level since October 2025.