Demand’s holding up, but price pressures are evident.

That was the overarching message from preliminary June PMI surveys covering the US economy. The data, released on Monday, underscored the notion that the tariff threat, overstated or not, is impacting businesses.

The color accompanying the report mentioned falling exports partially offset by precautionary inventory builds. “Tariffs were widely blamed [for] higher prices [which] rose at an especially sharp and increased rate in manufacturing, but also continued to rise steeply in services,” S&P Global said.

On the headline, the readouts were decent. At 53.1, the services gauge topped estimates, as did the manufacturing headline which, at 52, was unchanged from the prior month.

As the figure shows, this was an uneventful release if you go by the headline prints.

But, again, the most important takeaway was demonstrable price pressure on the manufacturing side. A measure of input prices for factories was the highest since 2022, and manufacturers’ selling prices reflect that, likewise rising the most in nearly three years.

“Higher costs,” the survey said, “were passed on to customers.” Some two-thirds of manufacturers blamed tariffs for pushing up input costs and half cited the levies for raising their own prices.

Hiring picked up, but that was attributable in part to precautionary stockpiling to protect against a prospective re-escalation of the trade war on July 9, the ostensible deadline for countries to strike deals with Donald Trump lest he should have to — I don’t know — send the B-2s maybe.

As S&P Global’s chief business economist Chris Williamson noted on Monday, service providers “are by no means immune to [the] tariff impact and likewise reported another jump in prices, often linked to tariffs on inputs such as food.”

All in all, the message is the same as it ever was: The US economy’s generally fine, but uncertainty around the trade war means everyone — economists, investors and management teams — is flying blind.