American factories are humming again. The S&P Global flash Manufacturing PMI climbed to 55.3 in May 2026, its highest reading since May 2022 and comfortably above the 50 threshold that separates expansion from contraction.
That beat analyst expectations of 53.8 and marked an increase from April’s 54.5 reading. The ISM Manufacturing PMI told a similar story, rising to 52.7 for its strongest print in four years.
Much of this expansion is being driven not by a wave of consumer demand, but by companies frantically stockpiling materials before things get more expensive or harder to find.
Defensive growth, not organic growth
The surge in new orders was the steepest recorded in four years. Production rates accelerated. Purchasing activity jumped significantly.
