S&P Global has released the preliminary figures for the US Services and Composite Purchasing Managers' Index (PMI) for July.

The Services PMI preliminary reading rose to 53.6 in July, up from 51.2 in June, compared to 55.7 in the same period last year.

This marks the highest level since November 2025.

The Services Output Price Index climbed to 58.9 in July, up from 57.8 in June.

This is the highest reading since August 2022.

The Composite PMI preliminary reading increased to 53.6 in July, up from 51.9 in June, compared to 55.1 in the same period last year.

The Composite Output Price Index rose to 59.1 in July, up from 58.3 in June.

This also represents the highest level since August 2022.