ISM Manufacturing PMI hit 54.0 in May 2026, the highest since 2022, but input prices at 82.1 and 32 months of job losses complicate the outlook

Prices are “still too high but going in the right direction,” said Susan Spence, chair of the Institute for Supply Management.

"...beneath the survey we see some warning signs about the future growth trajectory."

U.S. manufacturing activity reached its highest level in over four years during July. Strong order growth boosted factory employment, while supply chains faced strain. Input costs…