Following the mixed/weak Manufacturing PMI survey data earlier in the week, today's Services PMIs were expected to be just as mixed with S&P Global higher and ISM flat.
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S&P Global Services PMI for August rose from 54.6 to 56.5 (below the preliminary 56.8 but still up bigly) - the highest since Dec 2024
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ISM Services PMI for August rose from 54.1 to 55.4 (better than the 54.1 exp) - the highest since Feb 2026
These improvements come as hard data languishes...
The S&P Global US Composite PMI recorded 56.0 in August, up from 54.5 in July and pushed the index to a 52-month high. A stronger rise in services activity coincided with sustained, albeit slower growth in manufacturing. This puts the US economy ahead of the rest of the world based on survey data...
“Business activity growth across the private sector accelerated in August, marking a clear shift in gear for the US economy," said Usamah Bhatti, Economist at S&P Global Market Intelligence.
Survey data now point to GDP growing at an annualized rate of 3.0% in the third quarter, up solidly from the meagre 1.5% recorded in the previous quarter...
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