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Economic news
24.07.2024

U.S. private sector business activity growth accelerates slightly in July, hitting 27-month high - S&P Global’s survey

Preliminary data released by S&P Global on Wednesday revealed that U.S. private sector business activity grew strongly in early July, undermined by a stronger expansion in activity in the services sector, while manufacturing slipped into contraction for the first time in six months.

According to the report, S&P Global flash U.S. Composite Purchasing Manager's Index (PMI) Output Index came in at 55.0 early this month, up from 54.8 in June. The latest reading pointed to the quickest increase in business activity since April 2022 (56.0). 

A reading above 50 signals an expansion in activity, while a reading below this level signals a contraction.

S&P Global flash services PMI checked in at 56.0 in July, up from 55.3 in June. The latest reading indicated the steepest rise in activity across the sector since March 2022 (58.0). Economists had forecast the services PMI to slip to 55.0.

Meanwhile, S&P Global flash manufacturing PMI fell to 49.5 in July from 51.6 in the previous month. The latest print suggested a deterioration in business conditions within the goods-producing sector for the first time since December 2023 (47.9). Economists had predicted the manufacturing PMI to edge up to 51.7.

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