US ISM Manufacturing PMI

The ISM Manufacturing Purchasing Managers Index (PMI) survey continued to reflect health in the U.S. manufacturing sector with a 53.3 topline reading in June 2026. This is the sixth consecutive expansionary reading for the survey’s topline metric and, although missing expectations, is down only moderately from May’s 54.0 result. A slowdown in the Production category’s expansionary trend and a dip in the Exports component in June were reflective of the June topline result’s slight moderation. The ISM Manufacturing PMI diffusion index ...

It's the first trading day of a new month, and hopefully a period where we can start putting a little more faith in market signals than we've been able to over the past week. Quarter-end flows have muddied the waters across markets recently, making it difficult to know whether moves can be trusted. With those distortions now hopefully behind us, the price action may provide a cleaner signal. Which brings us to the Aussie and Kiwi, both of which rebounded strongly overnight alongside improving risk appetite. Under normal ...

Higher energy prices continue to push headline inflation up. And we do not expect to see a meaningful reprieve in the food space either, especially following recent headlines about beef prices. Our forecast for core calls for a +0.3% m/m uptick in May, which would nudge the year-over-year pace to 2.9% – well below headline but moving in the wrong direction for the Fed. Higher jet fuel prices will continue to add to core services, while tight labor markets which keep a floor under wage growth are limiting core services disinflation. ...

American manufacturers grew in May for the fifth month in a row - the biggest winning streak in four years - but lingering anxiety about the Trump tariffs and a rise in inflation tied to the Iran war left business leaders anxious. A closely followed gauge of manufacturers rose to 54.0% in May from 52.7% in the prior month, the Institute for Supply Management said Monday. The index hit the highest level since May 2022. Any number above 50% indicates business is expanding, The news wasn't all good. The Iran conflict has raised oil ...

ISM Manufacturing PMI Preview: Upside Surprise Risk Builds Ahead of Monday’s US Factory Data. The next major US macro test arrives on Monday 1 June 2026 at 15:00 UK time, with the release of the May ISM Manufacturing PMI and the accompanying ISM Manufacturing Employment Index. The street is looking for a broadly stable manufacturing print, with consensus around 52.6 and forecast at 53.0, following April’s 52.7 reading. Our call is more constructive. We expect the headline ISM Manufacturing PMI to print closer to 53.7, implying a ...