U.S. manufacturing activity expanded at the fastest pace in over four years in July 2026, according to the Institute for Supply Management (ISM) Manufacturing PMI. The sector showed seven consecutive months of growth, reversing prior contraction. Export orders rebounded into expansion, reflecting increased global demand for American goods. Federal Reserve data confirmed widespread growth in manufacturing activity, payrolls, and wages, with manufacturing wages rising 4.2% year-over-year. The Philadelphia Fed reported near-five-year highs for general activity and new orders. President Trump attributed the turnaround to his Working Families Tax Cuts, which supported six million jobs and preserved $1.1 trillion in economic activity. Projections indicate a 6.2% annualized GDP growth in Q3 2026, with non-residential investment surging 11.7% and capital goods imports reaching 40% of total U.S. imports.
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