According to CoinMeta, the final value of S&P Global Manufacturing PMI was 53.9, slightly higher than the initial value of 53.8. The report indicates that manufacturing is still expanding, but the momentum has weakened. Although domestic demand is supporting growth, ongoing supply chain disruptions, high costs, weak export demand, and declining business confidence suggest that the industry has become more vulnerable as it enters the second half of the year. Chris Williamson, the chief economist for S&P Global Market Intelligence, stated that although the PMI in July remained stable, the survey indicates warning signs for future growth trends. The slowdown in production growth in July reflects a weakening of new business growth and a reduction in inventory building. Supply chain delays, declining exports, and customer resistance to high prices have further exerted pressure. Although input cost inflation has eased slightly, inflationary pressures remain high due to high energy prices and tariffs. Producers are attempting to raise selling prices to protect profits or increase productivity, which is also reflected in high factory gate prices and sluggish employment growth in July. In this environment, business optimism about growth prospects has dropped to its lowest level since October last year, highlighting the downside risks for the short term.