The S&P Global US Composite PMI was revised down to 54.6 in August 2025, from a preliminary reading of 55.4 and below July's seven-month high of 55.1. Slower growth mainly reflected a moderation in US service sector activity (PMI at 54.5 vs 55.7 in July), even as manufacturing output increased at its fastest pace since May 2022 (PMI at 53 vs 49.8). Total new business volumes increased at the strongest rate of the year so far, and this translated into another solid round of employment growth. Price pressures remained elevated, despite easing slightly since July.
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