Global PMI Monitor Elevated Manufacturing Suppliers' Delivery Times

Economics Research 24 July 2026 | 12:49PM EDT

Global PMI Monitor: Elevated Manufacturing Suppliers’ Delivery Times

n DM trends: Sarah Dong | Goldman Sachs & Co. LLC o The DM composite flash PMI rose by +1.6pt to 52.8 in July, reflecting rises in both services (+1.9pt to 52.6) and manufacturing (+0.1pt to 53.2). o Manufacturing suppliers’ delivery times eased in ex-US DMs but remain near all-time highs. n Country-level trends: o The manufacturing flash PMI rose by +0.6pt to 52.0 in the Euro area and fell by -0.2pt to 53.8 in the US. o The services flash PMI rose by +3.1pt to 51.8 in the UK and fell by -0.3pt to 51.9 in Japan. n Activity components: o The DM flash forward-looking component rose for both manufacturing (orders-to-inventories ratio +0.03 to 1.10) and services (future activity component +1.9pt to 61.9). o The composite flash employment PMI rose by +1.6pt to 50.7 in the US and ticked down by -0.1pt to 51.6 in Japan. n Inflation-related components: o Manufacturing suppliers’ delivery times eased slightly but remained elevated across major DMs in July (DM average +1.0pt to 41.8). o The DM input price PMI fell by -3.3pt to 68.4 for manufacturing and rose by 0.4pt to 62.4 for services; the DM output price PMI fell by -1.6pt to 59.6 for manufacturing and rose by +0.6pt to 56.6 for services.

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Goldman Sachs Global PMI Monitor

Exhibit 1: Manufacturing Suppliers’ Delivery Times Eased in ex-US DMs but Remain Near All-Time Highs

Source: S&P Global, Goldman Sachs Global Investment Research