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 level in ... (full story)