S&P Global Manufacturing PMI Final for July 53.9 vs 53.8 preliminary

2026年8月3日最近のFX関連情報ニュース

Preliminary 53.8. Last month 53.9

Key Takeaways

PMI unchanged at 53.9, signaling continued but steady manufacturing expansion.
Output growth slowed to its weakest pace since March.
New orders softened for the third consecutive month.
Export demand remained weak, hurt by tariffs and subdued global demand.
Supply chain disruptions intensified, with vendor delays among the worst in four years due to Middle East-related disruptions.
Input costs and selling prices continued to rise, although inflation pressures eased modestly.
Hiring remained subdued, while backlogs edged higher because of material shortages.
Business confidence weakened to its lowest level since October 2025 amid concerns over inflation, supply constraints, and slowing sales.

The report paints a picture of a manufacturing sector that is still expanding but losing momentum. Growth remains supported by domestic demand, but persistent supply chain disruptions, elevated costs, weaker export demand, and declining business confidence suggest the sector is becoming more vulnerable heading into the second half of the year.

Chris Williamson, Chief Business Economist at S&P Global Market Intelligence

“Although the headline PMI held steady in July, beneath the survey we see some warning signs about the future growth trajectory. Production rose at a markedly slower rate in July, linked to a third month of weakened growth of new business, in turn reflecting reduced inventory building after the especially strong precautionary stock accumulation reported in the second quarter. Further pressure came from increased supply chain delays, falling exports, and further pushback on high prices from customers. While input cost inflation moderated slightly, inflationary pressures remained elevated thanks principally to the combination of high energy prices and tariffs. In response, producers are either trying to raise selling prices to protect margins or boost productivity, hence July also saw another month of high factory gate price inflation and subdued job gains. In this environment, business optimism about growth prospects slipped to the lowest since last October, underscoring the downside risks to the near-term outlook.”

Despite the warnings of future growth trajectory, US stocks are higher with Nasdaq now up about 1%, the S&P is up 0.82% and the Dow is up 1.22% led by: