S&P Global released the US Manufacturing Purchasing Managers' Index (PMI) on January 2, 2026, signaling a slowdown in sector growth. The headline PMI registered 51.8 in December, down from 52.2 in November. This marked the weakest expansion in the five-month growth sequence.
The moderation stemmed primarily from the first decline in new orders recorded in a year. Tariffs also contributed to a continued fall in international sales.
Manufacturing output continued to expand, though the report suggested the pace is unsustainable without a rebound in demand. Employment growth strengthened to its most pronounced level since August 2025.
S&P Global collected the underlying data between December 4 and 18, 2025. No specific market reaction was noted for SPGI stock following the scheduled release.