USA: Manufacturing Growth at Four-Year High.

The S&P Global US Manufacturing PMI climbed to 55.1 in May 2026, up from 54.5 in April but slightly below the preliminary estimate of 55.3. This marked the strongest monthly expansion in the sector since May 2022, driven by the sharpest increase in production since April 2022 and another month of robust new orders. Stockpiling also contributed, as companies sought to mitigate risks from rising prices and supply chain disruptions tied to the Middle East conflict. However, exports declined for the eleventh consecutive month, with firms attributing the drop to geopolitical instability and tariffs. Employment growth, though modest, reached a five-month high, while purchasing activity increased solidly. Supplier delivery times worsened the most since August 2022. On pricing, both input costs and output charges rose at the fastest pace in nearly four years. Business confidence, meanwhile, fell to a four-month low.