The S&P Global US Flash Composite PMI increased to 58.4 in September 2026 from 56.0 in August, indicating the strongest expansion in private-sector activity since July 2021 and marking a fourth consecutive month of accelerating growth. The upturn was led by the service sector (58.7 vs. 56.5), which recorded its fastest increase in output in more than five years, while manufacturing activity also strengthened (56.7 vs. 53.1).
New orders rose at a faster pace, driven mainly by domestic demand. Backlogs of uncompleted work grew at the sharpest rate since May 2022, prompting firms to expand staffing at the fastest pace since June 2022.
At the same time, price pressures intensified. Input costs posted their largest increase since October 2022, reflecting higher fuel and transport expenses, alongside a pickup in wage pressures in many cases. Selling price inflation also accelerated, while business expectations for output over the year ahead remained unchanged.
