The S&P Global manufacturing Purchasing Managers' Index for July came in at 54.7, little changed from 54.8 the previous month. Companies are building up inventories of products and raw materials against the backdrop of instability in the Middle East. The output index rose to 56.1, new orders to 54.6, employment to 53.7, supplier delivery times to 44.3, and stocks of purchases to 52.0, all up from the prior month. Meanwhile, the services PMI edged down to 51.9 from 52.2. In manufacturing, improving demand in the semiconductor and AI industries is expected to drive future growth.