The S&P Global US Composite PMI rose to 54.5 in July 2026 from 51.9 in June, exceeding both the preliminary estimate of 53.6 and marking the strongest expansion in private sector activity since October 2025. The improvement was driven by faster growth in the services sector, while manufacturing output continued to expand at a solid pace. New business increased at the fastest rate in 19 months, business confidence climbed to its highest level since last November, and private sector employment returned to growth for the first time since April. On the price front, input cost inflation accelerated to its highest level since November 2022, pushing output price inflation to a one-year high.