The seasonally adjusted S&P Global U.S. Manufacturing Purchasing Managers’ Index (PMI) for July was 49.8, down 3.1 points from June and marking the first reading below the 50 no-change point in 2025. Manufacturers reported a modest increase in new orders due to client hesitancy amid economic uncertainty.
The PMI index comprises five sub-indices tracking changes in new orders, output, employment, suppliers’ delivery times, and stocks of raw materials. A reading above 50 indicates growth, while below represents a contraction. See S&P Global