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US Business Growth Hits 52-Month High as Services Activity Surges, Despite Factory Growth Slowing
US Factory Growth Slows to 5-Month Low: S&P Global
The S&P Global US Manufacturing PMI eased to 53.2 in August 2026 from 53.9 prevously, undershooting market expectations of 53.9, flash estimates showed. The latest reading pointed to a moderation in manufacturing activity, with growth at its weakest since March, held back by higher fuel costs, reduced inventory building and raw material shortages linked to supply delays. Output growth slowed for a third consecutive month, reaching its weakest pace since July last year. New orders held up better but also lost momentum, expanding at their slowest rate since March. Input purchases fell for the first time since February, weighing on the PMI, while supply times lengthened sharply again, Employment rose modestly at the fastest pace since May. Price pressures moderated, especially in terms of selling price inflation, although nput cost inflation remained elevated by historical standards.due to high energy prices, squeezed supply lines, and tariffs. Lastly, business sentiment improved.
US Services Activity Rises Most in 20 Months
The S&P Global US Services PMI rose to 56.8 in August of 2026 from 54.6 in the previous month, well above market expectations of a drop to 54, to reflect the sharpest expansion in services activity since December 2024. New business wins expanded sharply in the sector, fast enough to expand backlogs for firms as clients made up for the decline in orders after the outbreak of war in the Middle East dampened demand in the second quarter of the year. Consistently, staffing levels were firmly higher. Meanwhile, input costs continued to rise at a marked pace, although inflation eased a bit from the 14-month high in July. Despite this, average output charge inflation softened to a six-month low. Looking ahead, confidence improved for a third month.
US Business Growth Hits 52-Month High in August
The US flash S&P Global Composite PMI rose to 56 in August 2026 from 54.5 in July, marking the strongest expansion since April 2022. The improvement was driven primarily by a revival in the services sector, where activity reached its fastest pace since December 2024 and more than offset a slowdown in manufacturing growth. Goods production recorded its weakest increase in 13 months, partly reflecting reduced inventory building and supply disruptions. Delivery times also lengthened significantly, contributing to a further accumulation of outstanding orders across both sectors. Stronger demand encouraged companies to increase hiring, with employment growing at its fastest pace since early 2025. Business confidence also improved, with expectations for future activity reaching a nine-month high. Meanwhile, price pressures showed some moderation, particularly in selling prices, although input costs remained elevated, largely due to higher energy prices.
