Latest Updates

• S&P Global Manufacturing PMIs: July 2025 2025-08-01 00:00

  Global - 8/1/2025

  North & South America

  • Brazil - 8/1/2025
  • Canada - 8/2/2025
  • US - 8/1/2025
  • Colombia - 8/1/2025
  • Mexico - 8/1/2025

  Key Results

  

  ASEAN

  

  The S&P ASEAN Manufacturing PMI rose to 50.1 in July from 48.6 in June, indicating the first expansion in output since March and signaling a modest improvement in operating conditions.

  • Output rose at a solid pace, marking the end of a three-month decline, while new orders fell only marginally—suggesting easing demand weakness.
  • Employment continued to decline, but the pace of job losses slowed; purchasing activity stabilized after three months of cuts.
  • Input costs and output prices rose at the fastest pace in four and five months, respectively, though still below long-run averages.
  • Business confidence fell to a five-year low, with firms expecting only modest growth in output over the next year.

  Taiwan

  

  The S&P Taiwan Manufacturing PMI fell to 46.2 in July (from 47.2 in June), marking the steepest deterioration in operating conditions since August 2023 and the fifth consecutive month in contraction.

  • Output, new orders, and export sales all declined at their fastest rates in nearly two years due to weak demand and uncertainty over US trade tariffs.
  • Purchasing activity dropped at the sharpest pace since August 2023, while employment continued to fall amid hiring freezes and attrition.
  • Input costs rose modestly on higher raw material prices (notably metals), but output prices declined slightly due to competitive pressure.
  • Business sentiment slipped to its lowest level in two and a half years, reflecting subdued forecasts for year-ahead production.

  India

  

  The HSBC India Manufacturing PMI rose to 59.1 in July (from 58.4 in June), marking a 16-month high and signaling the strongest improvement in sector conditions since March 2024.

  • New orders expanded at the fastest pace in nearly five years, while output growth reached a 15-month high, driven by intermediate goods producers.
  • Export growth remained strong, though slightly below June’s pace; inventories of inputs rose at the fastest rate in 15 months.
  • Employment growth slowed to the weakest since November 2024 as most firms reported adequate staffing.
  • Input costs rose at a faster rate due to higher raw material prices (aluminum, rubber, steel), and output prices rose above trend levels due to strong demand.
  • Business confidence fell to a three-year low amid concerns over inflation and competitive pressures.

  Eurozone

  

  The HCOB Eurozone Manufacturing PMI rose to 49.8 in July (from 49.5 in June), a 36-month high that signals near-stabilization in factory conditions, though still just below the 50.0 expansion threshold.

  • Output rose for a fifth consecutive month but slowed to a four-month low (50.6) as new orders fell again, particularly from foreign clients.
  • Input costs and output prices were broadly unchanged after recent declines, indicating muted price pressures.
  • Employment and purchasing activity declined at the slowest pace in nearly two years, showing signs of stabilizing.
  • Supply chain pressures ticked up, with input lead times lengthening to the greatest extent since November 2022.
  • Business confidence dipped slightly from June but remained above the long-run average, supported by smaller economies like Spain, the Netherlands, and Ireland.

  US

  

  The S&P Global US Manufacturing PMI fell to 49.8 in July (from 52.9 in June), the first sub-50 reading of 2025 and a signal that operating conditions worsened slightly amid soft demand and tariff-related uncertainty.

  • New orders were broadly flat, with export orders falling for the first time in three months amid weaker demand from China, the EU, and Japan.
  • Employment declined modestly for the first time since April as firms cited cost concerns and excess capacity.

  

  • Input costs remained elevated due to tariffs, but inflation eased from June’s near three-year high; selling prices still rose at the second-fastest pace since Nov 2022.
  • Inventories were drawn down for the first time in three months as firms slowed purchasing and relied on existing stockpiles.
  • Supplier delivery times improved significantly, marking the best performance in over a year as supply constraints eased.
• S&P Global Manufacturing PMIs: June 2025 2025-07-01 00:00

  Global - 7/1/2025

  North & South America

  • Brazil - 7/1/2025
  • Canada - 7/2/2025
  • US - 7/1/2025
  • Colombia - 7/1/2025
  • Mexico - 7/1/2025

  Key Results

  

  ASEAN

  

  The S&P Global ASEAN Manufacturing PMI fell 0.6 pts to 48.6 in June, the lowest reading since August 2021, signaling the sharpest deterioration in operating conditions in nearly four years.

  • New orders declined at the fastest pace since August 2021, with export demand weakening further for the eighth consecutive month.
  • Employment dropped at the steepest rate in 44 months, while input purchasing also saw a deeper contraction.
  • Output contracted for a third month, though the rate of decline remained marginal and consistent with May.
  • Input price inflation eased to its lowest in over five years, while output prices rose only modestly.
  • Business confidence softened to the second-lowest level since July 2020, pointing to a muted outlook for future output.

  Taiwan

  

  The S&P Taiwan Manufacturing PMI dropped 1.4 pts to 47.2 in June, marking the sharpest deterioration in factory activity in 18 months amid deepening declines in output and new orders.

  • Output fell at the fastest pace since December 2023, while new orders and new export work posted their steepest drops since August 2023.
  • Employment declined again as firms cut staff and purchasing in response to weaker demand and tariff-related uncertainty.
  • Supplier delivery times lengthened at the fastest rate this year, while input costs rose modestly after falling in May.
  • Factory gate prices were reduced for the fourth straight month despite rising input costs, reflecting efforts to support sales.
  • Business confidence remained subdued for the third consecutive month, with many firms expecting output to decline over the coming year.

  China

  

  The Caixin China Manufacturing PMI rose 2.1 pts to 50.4 in June, returning to expansion territory and signaling the eighth improvement in nine months, as output and new orders rebounded modestly.

  • Output expanded at the fastest rate since November 2024, supported by stronger domestic demand and promotional efforts.
  • New orders rose slightly, but new export orders fell for a third consecutive month, weighed down by weak global demand and U.S. tariffs.
  • Employment declined for the ninth time in ten months, with workforce reductions leading to a marginal increase in backlogs.
  • Input costs fell for the fourth straight month, but output prices dropped at the fastest pace in five months amid fierce competition.
  • Business confidence softened from May and remained below average, with firms cautious due to weak external demand and policy uncertainty.

  Russia

  

  The S&P Russia Manufacturing PMI fell -2.7 pts to 47.5 in June, the third straight decline in the last four months and the steepest drop since March 2022.

  • New export orders contracted by the sharpest rate since November 2022.
  • The fall in staffing levels was the second in the last three months, with the pace of job shedding the sharpest since April 2022.
  • The level of optimism was stronger than the series average, but ticked down to the lowest since October 2022 amid concerns regarding global economic uncertainty.

  Poland

  

  The S&P Poland Manufacturing PMI dropped -2.3 pts to 44.8 in June, the sharpest deterioration in the Polish manufacturing sector since October 2023.

  • The headline figure has fallen by -5.4 pts since April, the steepest two-month drop since mid-2022.
  • New orders contracted at the strongest rate since October 2023 with new export orders contracting at the strongest rate since November 2022.

  Netherlands

  

  The S&P Netherlands Manufacturing PMI increased 2.2 pts to 51.2 in June, the first time conditions have improved in a year.

  • New export orders expanded for the first time since May 2024.
  • Employment across the manufacturing industry rose for the first time in nearly a year, albeit modestly.
  • Average input cost inflation continued to soften in June, with the latest uptick in expenses the least pronounced in seven months.

  Germany

  

  The S&P Germany Manufacturing PMI increased 0.7 pts to 49.0 in June, the highest in 34 months.

  • The New Orders index was in expansionary territory for the third time in four months, and growth was the strongest since March 2022.
  • Goods producers' purchases of raw materials and other inputs meanwhile rose for the first time in three years as expectations towards future output improved.
  • June's survey indicated a slight improvement in manufacturers' growth expectations for the coming year. Confidence was the highest since February 2022, reflecting the plans for increased public sector spending and hopes of a wider economic upturn.

  Eurozone

  

  The S&P Eurozone Manufacturing PMI edged up 0.1 pts to 49.5 in June, the highest in 34 months, signaling a marginal downturn but hinting at growing stabilization across the sector.

  • Output Index slowed -0.5 pts to 50.8, still in expansion but at a 3-month low, supported by stable order books and backlog clearing.
  • New orders and export sales stabilized, ending a 37-month streak of declining demand.
  • Confidence rose to its highest level since February 2022, though job shedding and reduced input buying continued.
  • Delivery times lengthened for the first time since January, while purchasing costs and output prices declined for a third straight month.
  • National divergence persists: Greece, Ireland, Spain, and the Netherlands saw improvement, while France, Italy, Austria, and Germany remained in contraction.

  UK

  

  The S&P UK Manufacturing PMI increased 1.3 pts to 47.7 in June, unchanged from the flash estimate and up slightly from prior months, marking the highest reading in five months but still indicating contraction in the sector.

  • Output, new orders, and employment all declined for another month but at slower rates, with optimism rising to a 4-month high.
  • New export orders fell for the 41st consecutive month, weighed down by weaker demand from the US, EU, and China and ongoing tariff uncertainty.
  • The new orders-to-inventories ratio climbed to its highest since August 2024, a potential signal of future production growth.
  • Input and output price inflation eased to 6- and 3-month lows, respectively, though cost pressures remained due to wages, energy, and supply chain issues.
  • Job shedding continued across all firm sizes and product categories, while firms cut inventories and backlogs fell for a 38th straight month.

  US

  

  The S&P Global US Manufacturing PMI rose 0.9 pts to 52.9 in June, the highest since May 2022 and marking a sixth straight month of expansion in the sector.

  • Output increased for the first time since February, supported by rising domestic and export demand.
  • New orders rose for the sixth consecutive month, while new export orders expanded for a second month despite tariff-related headwinds.
  • Employment grew at the fastest pace since September 2022 as firms responded to rising backlogs and improved confidence.
  • Input buying surged to a 3-year high, driven in part by inventory building amid tariff uncertainty.

  

  • Input prices inflation hit a 3-year high, with output charges rising at the fastest rate since September 2022.
• S&P Global Manufacturing PMIs: May 2025 2025-06-02 00:00

  Global - 6/3/2025

  North & South America

  • Brazil - 6/2/2025
  • Canada - 6/2/2025
  • US - 6/2/2025
  • Colombia - 6/3/2025
  • Mexico - 6/2/2025

  Key Results

  

  South Korea

  

  South Korea’s S&P Manufacturing PMI remained weak in May, improving only 0.2 pts to 47.5.

  • While the headline index saw a slight improvement, the decline in new orders fell to the steepest since June 2020, and output declined at the sharpest rate in 31 months.
  • Despite that, employment was the strongest since September 2023, and confidence improved on hopes that trade tensions would be resolved.

  Japan

  

  Japanese manufacturing conditions improved to the best so far in 2025 as its S&P Manufacturing PMI increased 0.7 pts to 49.4 in May, ahead of expectations of a smaller rise to 49.0.

  China

  

  China’s S&P Manufacturing PMI fell -2.1 pts to 50.4 in May, the lowest since September 2022 and the first contraction since September 2024.

  • Manufacturing output fell for the first time in 19 months as new orders contracted at the sharpest pace in about 2.5 years.
  • Average input costs and output charges continued to decline midway through the second quarter of 2025.
  • Despite weak conditions, sentiment became more optimistic on hopes that trade conditions would improve

  Eurozone

  

  The S&P Eurozone Manufacturing PMI reached its highest in 33 months in May, up 0.4 pts to 49.4.

  • France and Austria were the major drivers of the new high as their PMIs increased to 28-month and 32-month highs, respectively.
  • Output growth (though it was only slight) was the joint-fastest since March 2022.
  • Despite that, backlogs fell at the weakest rate since June 2022, and employment still declined (but at the weakest rate since September 2023).
  • The level of positive sentiment rose to its highest since February 2022 and was above its long-term average.

  US

  

  The S&P US Manufacturing PMI increased 1.8 pts to 52.0 in May, mostly in line with expectations and the best since February.

  • The outlook improved to a 3-month high on hopes that trade policy would stabilize.
  • Growth was driven partly by a record increase in input inventories. New order growth was low, but still the strongest in the last three months.

  

  • Raw material price inflation remained high and drove selling price inflation to the highest since November 2022.
• S&P Global Manufacturing PMIs: April 2025 2025-05-01 00:00

  Global - 5/1/2025

  North & South America

  • Brazil - 5/2/2025
  • Canada - 5/1/2025
  • US - 5/1/2025
  • Colombia - 5/2/2025
  • Mexico - 5/2/2025

  Key Results

  

  Ireland

  

  Ireland's S&P Manufacturing PMI jumped 1.4 pts to 53 as manufacturing output increased at the strongest pace in almost three years.

  China

  

  China’s Manufacturing PMI fell -0.8 pts to 50.4, the lowest since January.

  

  • New export orders declined for the first time in three months as a result of higher US tariffs causing overall order growth to be the weakest in 7 months.
  • Business confidence slipped to the third-lowest since this series began in April 2012 due to trade uncertainty.

  South Korea

  

  South Korea’s S&P Manufacturing PMI fell -1.6 pts to 47.5 in April, the lowest since September 2022.

  • Sharpest falls in output and new orders since mid-2023.
  • Employment decreases at sharpest rate since September 2020.
  • Business sentiment among weakest in series history.

  India

  

  India’s manufacturing sector remained strong in April with a PMI reading of 58.2. Notably, foreign demand increased at the strongest rate in over 14 years. This intensified selling price inflation to the highest since October 2013.

  ASEAN

  

  The S&P ASEAN Manufacturing PMI fell -2.1 pts to 48.7 in April, the first deterioration in the manufacturing sector in 16 months and the lowest reading since August 2021.

  • The declines in new orders and production were the worst in 44 months.
  • Business confidence was the lowest since July 2020.

  Euro Area

  

  The Eurozone Manufacturing PMI increased 0.4 pts to 49.0 in April, a 32-month high, with the output index up 1.0 pt to 51.5, a 37-month high.

  • Demand growth was close to flat on the month as the New Orders Index increased to a three-year high just below the 50.0 threshold.
  • The drop in new orders from non-domestic customers was its shallowest since April 2022.
  • The PMI was supported by weaker declines in France and Germany where their indexes were at 27-month and 32-month highs, respectively, but both still below 50.0.

  Canada

  

  Canada’s S&P Manufacturing PMI dropped -1.0 pt to 46.3 in April, the lowest since May 2020.

  • Production and new orders both contracted at the sharpest rates since May 2020 as tariffs and uncertainty impacted activity.
  • Manufacturers reported the steeped decline in backlogs of existing orders since May 2020.
  • Supply-side delays were also apparent during April, despite firms recording the steepest reduction in purchasing activity since May 2020.

  Mexico

  

  Mexico’s S&P Manufacturing PMI fell -1.7 pts to 44.8 in April, the weakest since February 2021.

  • New orders declined at the sharpest pace since February 2021 as US tariffs caused orders to be cancelled or postponed.
  • Output fell at the sharpest pace in just over four years.

  US

  

  The US Manufacturing PMI in April was unchanged at 50.2, below the flash estimate of 50.7.

  • International sales fell at the sharpest rate since Nov 2024 and were a drag on new order growth.
  • Selling prices increased at the strongest pace since Feb 2023.
• S&P Global Manufacturing PMIs: March 2025 2025-04-01 00:00

  Global - 4/1/2025

  North & South America

  • Brazil - 4/1/2025
  • Canada - 4/1/2025
  • US - 4/1/2025
  • Colombia - 4/1/2025
  • Mexico - 4/1/2025

  Key Results

  Australia

  

  Australia’s S&P Manufacturing PMI increased 1.7 pts to 52.1 in March, the highest since October 2022.

  • Production increased at the highest rate since October 2022, and new order growth was the strongest since November 2022.
  • Employment growth was the strongest in two years as production and new order growth was strong.
  • Manufacturing confidence was the 2nd-strongest since August 2022.

  

  • Average input costs rose at a pace that was steep and unchanged from February amid reports of higher raw material, transport and finance costs.
  • The rate of selling price inflation eased since February, however, as Australian manufacturers partially absorbed cost increases in a bid to support sales as competition intensified.

  China

  

  China’s S&P Manufacturing PMI improved to a 4-month high in March, up 0.4 pts to 51.2. This is consistent with the slight improvement in the NBS Manufacturing PMI.

  • Production accelerated for the third straight month as both domestic and foreign demand conditions improved. Export orders increased at the largest rate since April 2024.
  • The improvement in activity led to employment increasing for the first time in 19 months.
  • Supplier discounts and reductions in certain raw material costs contributed to the first fall in average input prices in six months.
  • The reduction in cost burdens enabled Chinese manufacturers to reduce their factory gate prices in March.

  France

  

  France’s S&P Global Manufacturing PMI increased 3.0 pts to 48.5 in March, the highest in 26-months.

  • The declines in new orders and outputs were the slowest in roughly three years with consumer goods manufacturing being the main bright spot.
  • Employment declined at the softest rate since June 2023.

  Germany

  

  The S&P Global Germany Manufacturing PMI jumped 1.8 pts to 46.5, a 31-month high, and the Output Index jumped 3.2 pts to 52.1, a 36-month high.

  • Production not only rose for the first time in almost two years, but the rate of growth was the quickest recorded since March 2022.
  • New orders grew for the first time in three years as stronger domestic orders were reported while export orders were slightly lower.
  • Looking ahead, March's survey results showed an upward revision to manufacturers' growth expectations. Firms were the most upbeat for more than three years, buoyed by the prospect of greater infrastructure spending
  • The declines in manufacturers' purchasing activity and stocks of inputs eased at the end of the opening quarter, with the former exhibiting its slowest reduction since August 2022.
  • The rate of decline in input prices was slightly slower than in February, as was also the case for factory gate charges.

  Eurozone

  

  With manufacturing recoveries in Germany and France noted in their PMIs, the Eurozone S&P Manufacturing PMI increased 1.0 pts to 47.6, a 26-month high, with the Output index up 1.6 pts to a 34-month high of 50.5.

  • Production levels increased for the first time since March 2023 and the strongest since May 2022.
  • New factory orders fell in March, as they have done continuously for almost three years, but the rate of decline was the weakest over this period.
  • Export markets remained a drag on sales performances, with demand from foreign clients decreasing further. That said, the pace of contraction was the softest since April 2022.

  

  UK

  

  The UK S&P Manufacturing PMI fell -2.0 pts to 44.9, the lowest in 17 months as production declined at the fastest pace since October 2023.

  • Business optimism was at weakest level since November 2022.
  • The UK manufacturing sector saw steeper drops in output, new orders and new export business.

  US

  

  The US S&P Manufacturing PMI fell -2.5 pts to 50.2 in March, above expectations of a decline to 49.8.

  • Production declined for the first time since following a strong increase in February which aligned with firms front-running tariffs.
  • This served to weigh on new order book growth, which was modest overall in March and the lowest of the year so far.
  • Confidence in the outlook softened again in February, dropping for a second successive month to its lowest level since December.

  

  • Overall, input price inflation spiked higher in March, hitting its highest level since August 2022.
  • The steep increase in input prices fed through to a greater rise in manufacturing selling prices during March. The latest data showed that output price inflation picked up for a fourth successive month to a 25-month high.
• S&P Global Manufacturing PMIs: February 2025 2025-03-03 00:00

  Global - 3/3/2025

  North & South America

  • Brazil - 3/3/2025
  • Canada - 3/3/2025
  • US - 3/3/2025
  • Colombia - 3/3/2025
  • Mexico - 3/3/2025
• S&P Global Manufacturing PMIs: January 2025 2025-02-03 00:00

  Global - 2/3/2025

  North & South America

  • Brazil - 2/3/2025
  • Canada - 2/3/2025
  • US - 2/3/2025
  • Colombia - 2/3/2025
  • Mexico - 2/4/2025
• S&P Global Manufacturing PMIs: December 2024 2025-01-02 00:00
  • Global - 1/2/2025

  North & South America

  • Brazil - 1/2/2025
  • Canada - 1/2/2025
  • US - 1/2/2025
  • Colombia - 1/2/2025
  • Mexico - 1/2/2025