Bonds & Rates
Home›Bonds & Rates›Economy›US PMI preview points to slight August growth slowdown
US PMI preview points to slight August growth slowdown
Markets expect both Manufacturing and Services PMIs to ease in August, even as July data showed a Composite PMI jump to 54.5 and the best reading since October 2025.
S&P Global is due to release preliminary August US Purchasing Managers’ Index data, providing an early read on business momentum across manufacturing, services, and a composite measure that combines the two.
July’s report showed a sharp improvement, with the S&P Global Composite PMI rising to 54.5 from June’s 51.9, its best performance since October 2025, according to the preview.
For August, market consensus looks for a mild step down in activity, with the Manufacturing PMI expected to tick to 53.8 from 53.9, and the Services PMI to ease to 54.0 from 54.6, while the combined outlook should still indicate healthy growth absent a major miss.
S&P Global’s chief business economist, Chris Williamson, cautioned that manufacturing has slowed due to supplier delays tied to the Middle East conflict, and the preview notes that a stronger-than-expected result could bolster confidence in the US economy, while a sharper slowdown could increase investor concerns and weigh on the US dollar.