The S&P Global US Manufacturing PMI rose to 52.4 in January 2026, surpassing the preliminary estimate of 51.9 and improving from December's five-month low of 51.8. This latest figure indicates a stronger pace of growth in manufacturing activity, aligning with the survey's long-term average. There was a significant increase in output, representing the most substantial rise since last August and matching the fastest growth rate seen since May 2022. New orders experienced a modest recovery, although overall demand remained limited by a seventh consecutive monthly decline in export orders, highlighting the effects of tariffs and ongoing trade uncertainty. Employment growth remained in positive territory, albeit at a reduced pace, marking a three-month low. In terms of inflation, input cost pressures intensified, prompting manufacturers to raise their selling prices at the quickest rate since August. Business confidence held steady, with geopolitical risks and escalating costs continuing to influence the outlook.