US S&P Global Composite PMI Final (Aug) 56.0 vs. Exp. 56.0 (Prev. 54.5)

"Survey data now point to GDP growing at an annualized rate of 3.0% in the third quarter, up solidly from the meagre 1.5% recorded in the previous quarter." “There was also a welcome acceleration in jobs growth during August, with employers becoming more confident across both the manufacturing and service sectors." “Growth momentum appears to have shifted from manufacturing to services, with the latter seeing the pace of expansion surge to the highest since the end of 2024. Manufacturing growth, meanwhile, was unchanged as both output and new orders rose at weaker rates.”