The S&P Global US Composite PMI rose to 54.6 in July 2025 from 52.9 in June, marking the fastest pace of growth in 2025 and the 30th consecutive month of expansion.
The upturn was driven by strong services activity, which grew at the quickest rate since last December.
Manufacturing output also increased, but at a more modest pace, showing a divergence in momentum between sectors.
Employment continued to grow across the private sector.
However, business confidence declined in both services and manufacturing amid concerns about federal spending cuts and tariffs.
Rising wage costs and tariffs contributed to steeper input price inflation, which firms increasingly passed on to customers.
As a result, output price inflation accelerated, ranking among the highest of the past three years.
source: S&P Global
