US Manufacturing Surveys Diverge Over AI Boom and Supply Chains

U.S. manufacturing data for July 2026 reveals a sharp divide in industry health depending on the sector. The Institute for Supply Management reported a Manufacturing PMI of 55.6, marking the highest level since May 2022. This growth was primarily driven by strong demand within the AI supply chain, specifically semiconductors, electronics, defense sectors, and data centers.

Conversely, S&P Global Market Intelligence reported a flat Manufacturing PMI of 53.9. Their data indicates a significant deterioration in vendor performance, the steepest decline in four years, alongside ongoing supply chain disruptions. While AI sectors thrive, the chemicals, transportation, and metals industries are struggling with pricing instability and weak demand.

S&P Global notes that business optimism has dropped to the lowest level since October 2025. These pressures are attributed to rising energy costs, tariffs, and a decrease in exports, creating a stark contrast between the booming high-tech sector and broader industrial decline.