S&P Global PMI Continues to Rise in March

The Middle East conflict is creating significant supply chain stresses for businesses in South Africa, according to reporting from BusinessDay on April 7, 2026. These disruptions are linked to volatility in the Strait of Hormuz and fluctuations in domestic fuel prices.

Despite these regional pressures, global manufacturing data for March shows a level of resilience, though the rate of expansion has slowed. According to S&P Global PMI survey data, global manufacturing continued to grow in March 2026, although the pace of that growth moderated.

United States Manufacturing Expansion

In the United States, the seasonally adjusted S&P Global US Manufacturing Purchasing Managers’ Index (PMI) recorded a reading of 52.3 in March 2026. This figure represents an improvement from the 51.6 recorded in February 2026.

The March reading indicates a moderate rate of expansion for the US manufacturing sector. This marks the eighth consecutive month that the US PMI has remained above the critical 50.0 threshold, which separates expansion from contraction.

Mixed Global PMI Performance

Other regional indicators for March 2026 show a varied economic landscape across different markets and sectors:

• In Canada, the S&P Global Canada Services PMI Business Activity Index rose to 47.2 in March 2026, up from 46.5 in February 2026. Despite the increase, the reading remains below 50.0, indicating a continuing decline in activity, particularly within business services.
• In the United Arab Emirates, the non-oil private sector experienced a slowdown in growth during March 2026, reaching a level near a four-year low.
• In Singapore, the PMI cooled in March 2026, although growth in the region remained strong.

Supply Chain and Pricing Pressures

The resilience of global manufacturing is currently being tested by two primary factors: surging prices and supply chain delays. These challenges are compounding the stresses felt by businesses in South Africa, where the war in the Middle East is specifically impacting logistics and fuel costs.

The focus on the Strait of Hormuz highlights the vulnerability of global trade routes to geopolitical conflict, which can lead to increased shipping costs and delays in the delivery of raw materials and finished goods.