S&P Global reported that the preliminary US composite purchasing managers' index, covering both manufacturing and services, rose to 56.0 in August, the highest level in 52 months, up from 54.5 in July. The PMI remained above 50, indicating expansion in US business activity, supported by growth in the services sector. Employment and new orders increased, while business confidence rebounded. The preliminary manufacturing PMI fell to 53.2 in August, the lowest level in five months, down from 53.9 in July. The preliminary services PMI rose to 56.8 in August, the highest level in 20 months, up from 54.6 in July.
