Business growth accelerates to four-month high amid hot weather boost

US business activity grows at fastest pace in eight months

US PMI 54.5 (July, 8-month high); ISM manufacturing 55.6 (highest since May 2022); employment rose for first time in 3 months. Economy accelerating on consumer resilience—but input inflation at 14-month high and steep pricing risk margin squeeze, especially with tariff exposure.