S&P Global’s July flash manufacturing PMI fell short of forecasts, while services and composite PMIs rose to their highest since November 2025.
The S&P Global flash U.S. manufacturing PMI for July came in at 53.8, below the 54.3 estimate, signaling a slight slowdown from June’s 53.9 reading. The services PMI, however, surged to 53.6, exceeding expectations of 51.5 and marking its strongest level since November 2025.
The composite PMI rose to 53.6 from 51.9 in June, also reaching a high not seen since late 2025. Analysts had anticipated a modest uptick, but the services sector’s outperformance drove the broader index higher.
Markets showed limited reaction, with major currency pairs like EURUSD, USDJPY, and GBPUSD trading near flat in early North American trading.