FX.co ★ US Composite PMI Rises to 7-Month High: S&P Global

The S&P Global US Composite PMI experienced an increase, reaching 54.6 in July 2025, up from 52.9 in June. This signifies the most rapid growth rate seen in 2025 and marks the 30th consecutive month of expansion. The boost in the index was primarily attributed to robust activity in the services sector, which expanded at its fastest pace since last December. Although manufacturing output also saw a rise, it did so at a slower rate, highlighting a disparity in momentum between the sectors. Employment continued its upward trend across the private sector. Despite this growth, business confidence waned in both services and manufacturing due to apprehensions about federal spending cuts and tariffs. In addition, the combination of increasing wage costs and tariffs led to a sharper rise in input price inflation, costs that firms progressively transferred to customers. Consequently, the inflation of output prices accelerated, ranking among the highest observed in the past three years.