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US: Notable upturn in production despite subdued sales growth in January
A solid and stronger improvement in US manufacturing sector operating conditions was signaled by January’s S&P Global PMI® data amid the joint-sharpest upturn in production since May 2022. However, growth was in part driven by inventory building as new orders, despite returning to expansion in January, increased only modestly. Tariffs remained a notable theme from the latest survey, driving up input costs to a greater degree and limiting demand gains, especially from international markets. Confidence in the outlook nonetheless held up well, remaining unchanged and only fractionally below its longterm trend ... (full story)
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