Preliminary August surveys from S&P Global show business activity accelerating across several major economies, led by an unexpected rebound in U.S. manufacturing. The U.S. manufacturing PMI jumped to 53.3, its highest reading since May 2022 and well above the 50-point growth threshold, while services held at a robust 55.4. The combined U.S. composite index rose to 55.4 from 55.1, suggesting the world’s largest economy is entering the third quarter with its fastest pace of expansion this year. In the euro area, the HCOB flash manufacturing PMI moved into positive territory for the first time in 38 months at 50.5, helping lift the composite index to a 15-month high of 51.1. Germany’s composite reading edged up to 50.9, with factory output strengthening even as services softened. France remained just below the growth line, but its composite PMI improved to 49.8. Separate data showed euro-zone consumer confidence slipping to –15.5, underscoring an uneven recovery. The United Kingdom outperformed its continental peers. A jump in the services PMI to 53.6 pushed the U.K. composite index to 53.0, the strongest reading in a year, although manufacturing contracted further to 47.3. The survey producer said the figures point to faster economic growth but also firmer price pressures that could complicate the Bank of England’s policy outlook. Asia-Pacific readings were mixed but generally positive. Japan’s composite PMI rose to 51.9 as manufacturing neared stabilization at 49.9 and services remained in expansion. Australia’s composite PMI accelerated to 54.9, with both factory and services gauges comfortably above 50. Taken together, the flash PMIs indicate that global private-sector activity gained momentum in August, driven by renewed manufacturing strength and resilient services demand. Survey respondents, however, continued to flag rising input costs—partly linked to U.S. import tariffs—which may keep inflation pressures on the radar of central banks in the coming months.