FX.co ★ US Manufacturing PMI Revised Slightly Lower: S&P Global

The S&P Global US Manufacturing PMI underwent a downward revision for May 2025, settling at 52 compared to an initial estimate of 52.3. Nevertheless, it remained significantly above the 50.2 benchmarks observed in each of the prior two months. The manufacturing sector continued to be heavily influenced by tariffs and trade policies. As clients attempted to preempt tariff-induced price hikes and tackle supply chain disruptions, US manufacturers experienced an increase in new orders. These developments also contributed to a record surge in stockpiled inputs and an indication of escalating input costs due to tariffs. Notably, output charge inflation reached its highest point since November 2022. Delivery delays were the most severe experienced since October 2022. Despite these challenges, optimism concerning the stabilization of trade policies led to an improvement in the confidence outlook, reaching a peak not seen in three months. Additionally, a rise in employment was noted, albeit at a minimal growth rate, as employers faced difficulties in recruiting qualified individuals for available positions.