US June S&P Global flash services PMI 51.3 vs 51.0

The US June S&P Global flash PMI data showed a modest improvement in economic activity, with services PMI at 51.3 versus 51.0 previously, manufacturing PMI at 55.7 versus 54.8 expected, and the composite PMI rising to 52.2 from 51.7. The report suggests US growth remains sluggish overall, with services activity subdued, employment falling for a second straight month, and factory job cuts at the highest ex-pandemic level since 2009. At the same time, input and output price pressures showed signs of cooling, which may ease inflation concerns. The data points to an economy expanding, but at a relatively slow pace, with markets likely to weigh the mix of stronger manufacturing, weaker hiring, and moderating prices when assessing the outlook for growth and Fed policy.