Stockpiling wave drives U.S. manufacturing to its largest increase in four years

The preliminary value of the S&P Global US Manufacturing Purchasing Managers' Index (PMI) for May rose by 0.8 points to 55.3. Among these, the input price indicator surged by more than 11 points, reaching its highest level since June 2022; meanwhile, manufacturers also experienced the largest extension in supplier delivery times since mid-2022. Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, stated: "The data shows that business activity only achieved moderate growth as demand was once again squeezed by further surges in prices. With companies concerned about rising costs and the economic outlook, they have started to cut jobs." Williamson also noted: "The average pace of total order growth over the past three months has slowed to its lowest level in two years. The positive effect brought by preemptive stockpiling, prompted by concerns over further price hikes and supply delays, will not last forever."