U.S. PMI Composite Rises Below Estimates in July Preliminary Reading
The U.S. Purchasing Managers' Index (PMI) Composite rose to 53.6 in July, according to preliminary data from S&P Global released on Friday. This reading was below the consensus forecast of 54.2 and up from June's level of 51.9. The increase indicates continued expansion within the U.S. economy but at a slower pace than expected. The PMI Composite is a key indicator used to gauge economic health, with readings above 50 signaling growth. Despite falling short of expectations, the July reading marked the fastest rate of growth since November of last year. The data suggests that business activity accelerated during the month, though not as robustly as anticipated. The report may influence market sentiment and investor confidence in U.S. economic performance ahead of further policy decisions by central banks.
Tickers: $SPGI
Topics: economic growth S&P Global U.S. PMI