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United States PMI July 2023

United States: Composite PMI records worst reading since February in July

The S&P Global Flash Composite Purchasing Managers’ Index (PMI) came in at 52.0 in July, down from June’s 53.2. July’s result marked the worst performance since February. As such, the index remained above the 50.0 no-change threshold, pointing to a continued, albeit moderating, improvement in private sector operating conditions from the previous month.

The Manufacturing PMI stood at 49.0 in July, up from June’s 46.3. Lastly, the services PMI decreased to 52.4 in July (June: 54.4). Across both sectors as a whole, new orders and employment growth slowed, while business sentiment fell to the lowest level so far this year. Meanwhile, input cost pressures fell to a near three-year low.

Chris Williamson, chief business economist at S&P Global Market Intelligence, said:

“Growth is being entirely driven by the service sector, and in particular rising spending from international clients, which is helping offset a becalmed manufacturing sector and increasingly subdued demand from US households and businesses. […] The darkening picture adds downside risks to output growth in the coming months which, alongside the slowing in the pace of expansion in July, will keep alive fear that the US economy may yet succumb to another downturn before the year is out.”

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