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Global S&P Global Manufacturing PMIs Tier 2 filed

S&P Global Manufacturing PMIs: July 2025

Fri, Aug 1, 2025 · 12:00 AM ET Next release · Nov 2, 12:00 AM ET

Global - 8/1/2025

Asia Pacific

Europe

North & South America

Key Results

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ASEAN

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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

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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

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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

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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

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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.
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  • 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.
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