US Flash PMI — August 2026: Fastest Growth Since April 2022
S&P Global's flash US composite PMI rose to 56.0 in August from 54.5 — the fastest growth since April 2022. Services led at 56.8; manufacturing slipped to 53.2. Data point to ~3% Q3 growth.
A services-led acceleration
August's flash reading extends a two-month acceleration and puts the composite at its highest in 52 months. The mix matters: services drove the gain while manufacturing cooled to a five-month low, a rotation S&P Global describes as momentum shifting between the second and third quarters.[1][2]
The caveats sit on the supply side. Delivery delays stretched to near four-year extremes — attributed to shipping disruption, tariffs and thin supplier inventories — and the report warns price pressures, though fading, remain vulnerable to renewed energy-cost increases.[1]
Verified facts
Cross-checked against 2+ independent sourcesThis section contains facts cross-checked against multiple sources.
The flash US composite PMI rose to 56.0 in August from 54.5 in July — the fastest pace of US business activity growth since April 2022.[1][2][3] 3 sources
The services business activity index climbed to 56.8 (from 54.6 in July), well above expectations of about 54.0, while the flash manufacturing PMI slipped to 53.2 from 53.9 — its weakest since March but still in expansion.[1][2] 2 sources
S&P Global said the survey data point to third-quarter annualized GDP growth approaching 3.0%, up from the roughly 1.5% pace of the second quarter, with growth momentum shifting from manufacturing to services.[1][2] 2 sources
Supply delays lengthened to one of the greatest extents of the past four years, and price pressures remained elevated even as they faded from earlier peaks.[1][2] 2 sources
Reported, not confirmed
Not cross-checked — do not read as factFrom here on: claims and speculation that are not cross-checked.
S&P Global chief business economist Chris Williamson said "US business is booming," with jobs growth showing "a welcome revival" in August as employers gain confidence.[1] single-source ×1 · S&P Global release commentary
Timeline
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- 08/22/2026, 07:40
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| 08/22/2026, 07:40 | First authored (claude-opus-5) | Created |
| 08/22/2026 | First authored | Updated |
Frequently asked
What does 'flash' mean here?
The flash estimate is based on roughly 85% of typical monthly survey responses, published about a week before month-end. Final August figures follow in early September and can be revised, though flash readings usually move only a few tenths.
Manufacturing weakened — does that contradict the boom headline?
No. The composite is weighted toward services, which is far larger in the US economy. The report itself flags the handoff: manufacturing momentum from earlier in the year is fading while services accelerate. Both remain above the 50 expansion line.
What does this mean for the Fed before Jackson Hole?
A 52-month growth high with still-elevated price pressures argues against near-term easing. The reading lands days before the Jackson Hole symposium, sharpening focus on how the Fed chair characterizes the inflation-growth balance.
Official links
- Official S&P Global — PMI press releases