The United States PMI Composite Output Index, which accounts for both services and manufacturing business activity, came in at 56 in August, climbing from 54.5 recorded in July and hitting a 52-month high, S&P Global revealed in its preliminary report on Friday.
The Flash US Services PMI Business Activity Index rose from 54.6 in July to 56.8 in August. Meanwhile, the manufacturing PMI stood at 53.2 in the reported month, dipping from 53.9 recorded in the previous month and hitting a five-month low.
"US business is booming, with firms reporting the fastest output growth for over four years so far in the third quarter as the expansion picked up further momentum in August. The survey data for the third quarter are currently pointing to annualized growth approaching 3.0%, up solidly from the 1.5% pace seen in the second quarter," Chief Business Economist at S&P Global Market Intelligence Chris Williamson said.
https://breakingthenews.net/Article/US-composite-PMI-improves-in-August/66965336
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