Preliminary S&P Global Composite PMI data shows US business activity expanded at a faster pace in July, exceeding June’s reading.
US private sector activity expanded at a stronger pace in July, with the S&P Global Composite PMI rising to a preliminary 53.6 from 51.9 in June. The increase signals accelerating growth in both manufacturing and services sectors.
The June reading marked a slowdown from May’s 54.5, as demand softened amid elevated interest rates. Economists had anticipated a modest rebound, though the July print surpassed expectations.
Markets are monitoring the data for signs of sustained economic momentum, with implications for Federal Reserve policy decisions later this year.