US Manufacturing PMI Hits 49-Month High at 55.7 While Factory Job Cuts Reach Worst Pace Since COVID Lockdowns

Summary

S&P Global’s June flash US Manufacturing PMI rose to 55.7 — a 49-month high and the strongest since May 2022 — with manufacturing output surging to 57.7, the fastest since July 2021. New orders saw the quickest rise since April 2022, driven entirely by domestic demand as exports continued to decline. Yet the survey also recorded factory job cuts at the worst pace since the COVID lockdowns outside of pandemic periods, creating a stark paradox of surging output alongside shrinking employment. Delivery times lengthened the most since August 2022 and input buying hit the fastest pace since September 2021, suggesting supply chains are tightening even as manufacturers boost production.