The S&P Global US Manufacturing PMI fell to 49.5 in July 2025, down from June’s 37-month high and well below market expectations of 52.6, according to a preliminary estimate. The reading marked the first deterioration in factory business conditions since December, as production growth eased and new orders declined for the first time this year. In addition, both employment and inventories of purchases also fell for the first time since April. Meanwhile, supplier delivery times quickened for the first time since September last year, improving to the greatest extent for 17 months in a sign of easing supply chain pressures that also contributed negatively to the overall PMI reading.