The S&P Global US Composite PMI slipped to 52.3 in February 2026 from 53.0 in January, indicating the slowest pace of private-sector expansion since April 2025, according to preliminary data. Growth cooled in both manufacturing and services, with activity in each sector easing to seven- and ten-month lows, respectively. New orders weakened, and export demand contracted at one of the steepest rates seen over the past year.
Employment rose only slightly for the third consecutive month, marking the weakest job creation since last April. On the cost side, input price inflation ticked higher, frequently attributed to tariffs and increasing labor costs, while output prices recorded their fastest rise since August. Despite the overall slowdown, business sentiment improved, with year-ahead output expectations reaching a 13‑month high.
