FX.co ★ US Business Growth Hits 52-Month High in August

The US flash S&P Global Composite PMI rose to 56.0 in August 2026 from 54.5 in July, signaling the strongest overall expansion since April 2022. The improvement was led by a rebound in the services sector, where activity accelerated to its fastest pace since December 2024 and more than offset a slowdown in manufacturing.

Goods production posted its weakest increase in 13 months, reflecting in part reduced inventory accumulation and ongoing supply disruptions. Supplier delivery times lengthened markedly, contributing to a further buildup of backlogs across both manufacturing and services.

Stronger demand encouraged firms to step up hiring, with employment rising at its fastest rate since early 2025. Business confidence also strengthened, with expectations for future activity climbing to a nine-month high.

Price pressures showed some signs of easing, most notably in selling prices, although input costs remained elevated, driven largely by higher energy prices.