Preliminary data shows US business activity accelerated in June, surpassing forecasts with manufacturing and services growth.
US business activity expanded faster than expected in June, with the flash PMI Composite rising to 52.2 from 51.5 in May. The reading exceeded the 51.2 consensus forecast, signaling stronger economic momentum midway through the quarter.
Manufacturing led the gains, climbing to 55.7 from 55.1, while services edged up to 51.3 from 50.7. Both sectors outperformed expectations, with manufacturing hitting its highest level since early 2023.
The data suggests resilient demand despite elevated interest rates, though market reactions remain muted pending further details on inflation pressures within the report.