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U.S. business activity in June 2024 saw significant growth, with the S&P Global Services PMI rising to 55.1 and the Manufacturing PMI to 51.7, marking the fastest expansions in 26 and 3 months respectively.
Both sectors experienced increased output, with service sector employment growing for the first time in three months and manufacturing jobs rising at the fastest rate in 21 months. Although input prices grew at a slower rate, inflation remained above pre-pandemic levels.
Optimism in the service sector was high due to expectations of lower interest rates and reduced cost-of-living pressures. However, manufacturing sentiment declined due to future demand and policy uncertainty.
The strong performance in both sectors suggests a positive outlook for the U.S. economy in the second quarter of 2024, with the Fed likely to maintain a cautious approach towards interest rate cuts, possibly starting in late 2024.
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