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.