BlockBeats News, August 21, Friday, S&P Global released the latest PMI survey data. The data shows that in August, the U.S. Composite Output Index surged from 54.5 the previous month to 56.0, reaching the highest level since April 2022.

This overall acceleration was driven entirely by a surprising surge in the service sector. The initial reading of the Service PMI in August recorded 56.8, significantly higher than July's 54.6, setting a new highest record since December 2024. Normally, a PMI reading above 50 indicates that the related economic activity is in an expansionary state.

This data completely shattered Wall Street's previous cooling expectations. Economists had originally expected the August Service PMI to fall to 54.

S&P Global forecasts that the current third-quarter survey data indicates that the U.S. annualized economic growth rate is approaching 3.0%. Compared to the 1.5% growth rate in the second quarter, this figure has achieved a solid doubling growth. However, the rapid pace of the economy is still accompanied by lurking inflation risks. The latest report shows that despite a slight easing of inflation pressure in August, the growth rates of input costs and selling prices remain elevated.