Economic Buzz: Strength in services boosts US composite PMI to multi year high

The United States S&P Global Manufacturing PMI came in at 53.2 in August, easing from the previous month?s reading and signaling a slowdown in factory activity growth. However, the US services sector recorded its strongest growth in nearly two years in August, driving a sharp acceleration in overall business activity. The services PMI rose to 56.8, the highest since December 2024, up from 54.6 in July. The composite Output Index to 56.0, the highest since April 2022, from 54.5 the previous month.

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