Global manufacturing surveys for July 2026 show weaker new orders and higher input costs across multiple regions. Turkey’s manufacturing PMI dropped to 47.1 in June, crossing below the 50-point threshold that separates expansion from contraction. US manufacturing PMI hit 54 % in May 2026, a four-year high, but 42 % of manufacturer survey comments directly referenced the Iran conflict. The war, which began on February 28, 2026, has produced the largest global oil supply disruption on record. The breakdown of a mid-July ceasefire has intensified the stagflationary dynamic of weaker demand and higher costs.
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