American factories are humming at a pace not seen in years. The S&P Global US Manufacturing PMI hit a preliminary reading of 55.3 in May 2026, marking the strongest expansion in the sector since May 2022.
Anything above 50 signals growth. A reading north of 55 signals the kind of growth that makes economists sit up straight. And yet, the people actually running these factories are decidedly grumpy about it.
The numbers look great on paper
The ISM Manufacturing PMI has now held above the critical 50 threshold for four consecutive months, sitting at 52.7 in both March and April 2026. That represents the longest unbroken streak of expansion since 2022, when the post-pandemic industrial boom was still running hot.
The S&P Global figure ticked up from a final April reading of 55.1 to May’s preliminary 55.3.
