U.S. services activity accelerated in July to its highest level since December, pointing to a solid rebound in business momentum as the third quarter got underway.
S&P Global’s services PMI rose to 55.7, beating the 55.2 consensus and up sharply from 52.9 in June. The broader composite index, which includes manufacturing, climbed to 55.1, also a seven-month high. Both figures indicate solid month-over-month growth, with S&P estimating the data are consistent with real GDP expanding at a 2.5 percent annualized pace—roughly double the rate seen in the first half of the year.
Demand improved across much of the economy. New orders rose for a 15th…
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