S&P Global Market Intelligence chief business economist Chris Williamson said US
business activity is strong, with survey data showing annualized Q3 growth near
3.0% in August versus 1.5% in Q2 and output at its fastest pace in over four
years. August recorded an employment rebound and easing business concerns about
tariffs and the Middle East, though geopolitical risk remains a key focus for
supply chains and energy prices. Supply-chain delays in August were the worst in
four years and continue to constrain production; price pressures have eased but
remain elevated and could re-accelerate if energy costs rise. Growth momentum
shifted from manufacturing to services between Q2 and Q3 as shrinking safety
stocks and supply constraints limited factory output while services drove the
expansion.
