FX.co ★ US Business Activity Growth Slower than Initially Thought

The S&P Global US Composite PMI rose to 51.9 in June from 51.5 in May, though it fell short of the preliminary estimate of 52.2. Manufacturing output continued to grow robustly, and services activity also picked up, albeit at a more moderate pace. New business growth strengthened toward the close of the second quarter, and firms’ expectations for the coming 12 months improved.

Despite these gains, employment declined for the second consecutive month. On the pricing side, input cost inflation eased slightly but remained elevated, while output price inflation was broadly unchanged from May. Both input and output price pressures continued to run well above their long‑run averages.