FX.co ★ US Business Activity Growth Accelerates to 8-Month High

The S&P Global US Composite PMI rose to 53.6 in July 2026 from 51.9 in June, its highest reading since November, indicating a stronger expansion in private-sector activity after near-stagnation in March. Growth was led by the services sector, where business activity accelerated to an eight-month high on the back of stronger new order inflows. Manufacturing output also continued to expand, but at a much slower rate, with factories reporting the weakest increases in both production and new orders since March. The improved overall performance prompted firms to expand their workforce for the first time in three months, while business confidence climbed to its highest level in eight months. At the same time, supply chain pressures worsened, with supplier delivery times lengthening to the greatest extent in nearly four years amid the ongoing conflict in the Middle East. Inflationary pressures also intensified, as input cost inflation quickened to a 14‑month high and selling price inflation neared a four‑year peak.