US: Manufacturing surveys point to solid growth

Research evidence excerpt

US: Manufacturing surveys point to solid growth

J P M O R G A N Global Economic Research

03 August 2026

US: Manufacturing surveys point

to solid growth

• Manufacturing surveys continue to signal solid growth in the sector into Economic and Policy Research

the second half of the year, despite supply chain challenges and Bennett Parrish

inflationary pressures (1-212) 622-9003

• Inflationary pressures continued to moderate in July, though they remain bennett.parrish@jpmchase.comJPMorgan Chase Bank NA

elevated

Tushar Komali

(91 22) 6157-3153• The measure of employment rose across both surveys, with the ISM index

reaching its highest level since August 2022 tushar.komali@jpmorgan.com

J.P. Morgan India Private Limited

Manufacturing surveys continue to signal resilient growth in the sector into the

second half of the year, even as supply-chain challenges mounted and inflationary

pressures, though easing, stayed elevated. The July ISM composite rose to its

highest level since May 2022 at 55.6, up from 53.3 in the prior month, along with

a solid print of 53.9 in the final PMI report. While the PMI survey continued to point

to an unwind in earlier precautionary demand behind softer prints on output and

new orders, the ISM counterpart remained on an upward trajectory. Goods-

producing industries have been performing relatively well, at least by the standards

of recent years.

New orders in the ISM manufacturing survey rose to 56.7 from 56.0 in June, while

the production measure jumped to 58.5, the highest in over three years, from 52.2.

The press release remarked that "the Customers' Inventories Index remained in 'too

low' territory, contracting at a faster rate," which could imply continued strength

in manufacturing activity in the coming months. However, qualitative comments