US Economy Showing Signs of 'Goldilocks' to Start Third Quarter
The U.S. economy continues to show signs of resilient growth while inflation pressures subside.
The U.S. economy continues to show signs of resilient growth while inflation pressures subside. Business activity grew at its fastest pace in 27 months during July, according to the latest S&P Global's flash US composite PMI.
The composite PMI, which captures activity in both the services and manufacturing sectors, came in at 55 in July, up from 54.8 in June. Economists had expected the index to tick lower to 54.2.
The surprise growth in activity came alongside lower inflation. Average prices charged for goods and services rose at the slowest rate since January and the second-slowest rate since October 2020, according to S&P Global's report. The flash PMI data signal a ‘Goldilocks’ scenario at the start of the third quarter, with the economy growing at a robust pace while inflation moderates.
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