S&P Global's final June manufacturing PMI showed output and order growth further improved, continuing the expansion seen since the Middle East conflict began, S&P Global chief business economist Chris Williamson said. Firms cut employment sharply to offset rising energy and raw-material costs. While easing Middle East tensions eased some supply delays and price pressures, these issues remained widely reported. Business sentiment fell sharply despite retreating energy prices and improved shipping

S&P Global's final June manufacturing PMI showed output and order growth further improved, continuing the expansion seen since the Middle East conflict began, S&P Global chief business economist Chris Williamson said. Firms cut employment sharply to offset rising energy and raw-material costs. While easing Middle East tensions eased some supply delays and price pressures, these issues remained widely reported. Business sentiment fell sharply despite retreating energy prices and improved shipping, in part reflecting concern that sales may slow as wartime inventory accumulation unwinds.