Made in the USA

In the July/August 2026 issue of ISMR, we outline economic and manufacturing trends and forecasts for the United States, along with metal forming activity.

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According to the U.S. Federal Reserve, industrial production (IP) in the USA edged up 0.1 per cent in May after rising 0.9 per cent in April. Manufacturing output was unchanged in May after increasing 0.7 per cent in April. 

“Manufacturing output moved sideways in May. Production of durable goods rose 0.8 per cent, with increased output in almost all categories. Within durables, the indexes for wood products, for non-metallic mineral products, for primary metals and for motor vehicles and parts each grew more than 1.0 per cent. Production of non-durable goods fell 0.9 per cent in May, with declines in almost all categories,” it said.

According to S&P Global, the performance of the U.S. manufacturing economy improved again in June, although the pace of growth eased to a three-month low.

“Both output and new orders rose at slower, but still historically elevated, rates. Growth was commonly linked to new product launches, alongside some reports of pre-orders placed to protect against rising prices. Higher raw material costs drove another steep rise in input costs, albeit one that was softer than May’s recent high. Selling price inflation also eased, falling to a three-month low. Employment remained a weak point at the end of the second quarter. Job shedding was the fastest since May 2020 and, excluding the pandemic, was the quickest since October 2009,” it reported.

Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, added: “U.S. manufacturers reported a further marked improvement in growth of output and order books in June, according to S&P Global’s PMI data, extending the growth spurt that has been reported since the outbreak of the war in the Middle East. Employment was nevertheless cut sharply as firms often sought to offset the rising cost of energy and raw materials. Supply chain delays and upward price pressures continued to be widely reported.”

IMF forecast

The Executive Board of the International Monetary Fund (IMF) completed the Article IV Consultation for the United States on 1 April 2026.

To read the rest of this article in the July/August 2026 issue of ISMR, see https://joom.ag/BqUd/p28