Data compiled by Woofun AI shows that U.S. manufacturing activity expanded in June as companies placed advance orders to mitigate potential shortages and price increases. The S&P Global Manufacturing PMI rose to 55.7 from 55.1 in May, marking the highest level since May 2022 and surpassing the Reuters poll expectation of 54.8.

Concurrently, the composite PMI output index climbed to 52.2 from 51.5, supported by a rise in the services PMI from 50.7 to 51.3, partly attributed to the joint World Cup tournament hosted by the U.S., Canada, and Mexico. Despite this growth, factory employment deteriorated to a six-year low, primarily driven by increased operating costs stemming from the Middle East conflict.