The S&P US Global Manufacturing PMI edged up to 50.1 in January 2025 from 49.4 in December, beating market expectations of 49.7 and signaling a slight improvement in manufacturing conditions after six months of decline. Factory output edged up for the first time in half a year, with new orders also returning to modest growth.

Employment rose for a third straight month, with the pace of job creation the fastest since July. Supplier lead times continued to lengthen, reflecting busier supply chains, although the impact on the PMI was less pronounced than in December. On the downside, inventories fell at their sharpest rate in 17 months, partly due to higher-than-expected input usage in production rather than cost-driven stockpiling.
Source: Trading Economics