Americas Transportation: The Monthly Mosaic: June 2026

Research evidence excerpt

Americas Transportation: The Monthly Mosaic: June 2026

Equity Research

7 July 2026 | 10:52AM EDT

We highlight three major themes in this issue. Jordan Alliger

+1(212)357-4913 |

jordan.alliger@gs.com

Goldman Sachs & Co. LLC

1. Major economies reported mostly expansionary manufacturing activity in June. Andrzej Tomczyk, CFA

The U.S. manufacturing economy remained expansionary in June with the ISM +1(212)357-4445andrzej.tomczyk@gs.com|

Manufacturing Index reading at 53.3, marking a half-year of the index being Goldman Sachs & Co. LLC

above-50 for the first time since 2022 despite being down slightly versus 54.0 in May Paul Stoddard

+1(801)744-3761 |

(Exhibit 2); the New Orders sub-index component of the manufacturing index paul.x.stoddard@gs.com

also remained expansionary in June at 56 (albeit down slightly from May; Exhibit

3). China’s manufacturing PMI remained expansionary in June as well despite slight

deceleration versus May (Exhibit 13), while China’s new manufacturing orders also

remained expansionary (Exhibit 14). The Eurozone saw continued manufacturing

expansion in June after first rising slightly above-50 in February (Exhibit 15), while

Mexico’s manufacturing PMI also remained expansionary, marking the second

expansionary reading in 24 months (Exhibit 16).

According to the Logistics Managers Index surveys (LMI), overall inventory levels

continued to expand in June albeit not to the same degree as expansions seen

during the Covid-peak ordering era (Exhibit 7); we note expansion of inventories

at both the B2B and Retail levels in June, marking the 6th consecutive month of

expansion after significant year-end inventory contraction (Exhibit 10) which

followed the large pull-forward in imports over last summer (for more see our US

Tariff Impact Tracker).