Factories face weaker demand and higher costs in July as Iran war grinds on

Global manufacturing surveys show softening orders and rising input costs as Middle East conflict disrupts supply chains and energy marketsGlobal factory surveys for July 2026 show weaker new orders and higher input costs across multiple regions. What the numbers actually sayTurkey’s manufacturing PMI dropped to 47.1 in June from 49.8 in May, crossing below the 50-point threshold that separates expansion from contraction. US manufacturing PMI hit 54% in May 2026, a four-year high. The Iran war has produced the largest global oil supply disruption on record. A genuine ceasefire would begin unwinding the oil supply premium almost immediately.