This is a sign of upside risks, which would be a US dollar tailwind and could weigh on stocks. Chris Williamson, Chief Business Economist at S&P Global Market Intelligence“The final July PMI has come in stronger than the earlier flash estimate, signaling an encouraging acceleration in economic growth at the start of the third quarter. The PMI points to GDP rising at an annualized rate of 2.3%, following a 1.5% increase indicated for the second quarter. “Some caution is needed in interpreting these improvements, as the stronger performance partly reflected temporary factors. “More importantly, businesses benefited in early July from a tailwind of reduced geopolitical uncertainty and lower oil prices.