U.S. PMI Composite Index Hits 56.0, Reaching a 52-Month High
The U.S. PMI Composite Index rose to 56.0 in August according to S&P Global data released on Thursday. This reading matched the preliminary estimate and marked an increase from July's level of 54.5. The index reached its highest point since February 2021, signaling continued expansion across both manufacturing and services sectors. The rise was primarily driven by stronger activity in the services sector, which offset any moderation seen elsewhere. A reading above 50 indicates economic growth, with higher numbers reflecting faster expansion.
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