BREAKING: US preliminary PMIs better that expected 🎯

02:45 PM BST, United States - PMI Data for Jun:

• S&P Global US Manufacturing PMI: actual 51.7; forecast 51.0; previous 51.3;
• S&P Global Services PMI: actual 55.1; forecast 53.4; previous 54.8;
• S&P Global Composite PMI: actual 54.6; previous 54.5;

In June 2024, U.S. business activity experienced its fastest growth in 26 months. The composite output index slightly increased to 54.6, marking a significant revival since April 2022. This growth was predominantly driven by the services sector, which saw a surge in domestic demand, pushing business activity to a peak not seen in over two years. Conversely, manufacturing showed weaker momentum, with factory output growth slowing and only marginal increases in export orders. Overall business confidence improved, led by the service sector's optimistic outlook due to easing cost-of-living pressures and expected lower interest rates.

These are the latest preliminary PMI data published today. The data from the U.S. is clearly performing much better than the other countries. In the euro area, the PMI data surprised negatively, as did Australia. In contrast, data from Japan and the UK were more or less in line with expectations. By contrast, data from the U.S. again surprised strongly upwards.