Published: 2026-07-16T13:54:38.000Z
Preview: Due July 24 - U.S. July S&P PMIs - Manufacturing strong, marginal improvement in services
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We expect gains in July’s S and P PMIs, more significantly in manufacturing, to 55.5 from 53.9, with a more moderate increase in services to 51.5 from 51.2.
A strong gain in the July Philly Fed manufacturing index and a more moderate one in the Empire State’s suggest improvement in manufacturing. An index of 55.5, while up from June’s 53.9, would still be below June’s preliminary index of 55.7.
Manufacturing is being fueled by AI but services remain quite subdued. However a modest rise would continue a modest recovery from a March dip below neutral, assisted by gasoline prices moving off their peak.
