Key findings:
Solid upturn in output as order book growth sustained Tariffs push up input costs and output charges Sentiment improves and employment growth hits highest since September 2022Comment:
Chris Williamson, Chief Business Economist at S&P Global Market Intelligence
“June saw a welcome return to growth for US manufacturing production after three months of decline, with higher workloads driven by rising orders from both domestic and export customers. Reviving demand has also encouraged factories to take on additional staff at a rate not seen since September 2022.
“However, at least some of this improvement has been driven by inventory building, as factories and their customers in retail and wholesale markets have sought to safeguard against tariff-related price rises and possible supply issues. It therefore seems likely that we will get pay-back in the form of slower growth as we head into the second half of the year.
“These price pressures are already building, with factories reporting steep cost increases again in June, linked to tariffs, which they are passing through to customers. The big question of course is whether this merely results in a short-term change in the price level rather than a more worrying return of stubborn inflation.
“More encouragingly, business confidence has continued to improve from the low-point seen in April, with US manufacturers becoming more optimistic in the face of fewer trade and tariff worries compared to the heightened uncertainty seen in April, That said, many firms remain cautious as they await news of trade deals as the deadline for paused tariffs draws closer.”
This article was written by Giuseppe Dellamotta at www.forexlive.com. Read More Details
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