S&P Global US Manufacturing PMI Rises to 52.4 — 13-Month High

S&P Global's preliminary US Manufacturing PMI for March 2026 rose to 52.4, up from 51.6 in February, beating the 51.3 consensus estimate. The reading was the highest in 13 months, signaling solid expansion in manufacturing activity. Survey respondents cited reduced tariff anxiety under the ongoing Section 122 tariff regime and hopes for stronger domestic demand as drivers. The result created a mixed macro signal: manufacturing was expanding, but simultaneously bond markets and consumer sentiment were pointing toward rising recession risk, highlighting the divergence between the goods sector and consumer-facing economy.