FX.co ★ US Composite PMI Rises to 3-Month High: S&P

The S&P Global US Composite PMI increased to 54.8 in October 2025, up from 53.9 in September, reaching its highest level since July. This indicates a slightly accelerated growth rate compared to the Q3 average. Business activity extended its growth trajectory to the 33rd consecutive month, propelled by enhancements in both manufacturing (PMI at 52.2) and services (PMI at 54.2). October witnessed the most significant surge in new business for the year, although export levels continued their downward trend. Manufacturers noted a decrease in input purchases and a reduction in backlogs, culminating in an unprecedented accumulation of unsold inventories. Employment growth saw modest improvement but remained relatively stagnant, particularly within the manufacturing sector, due to diminished confidence stemming from policy uncertainties and tariff-related concerns. Nonetheless, sentiment remained buoyed by the prevailing low interest rates. Notably, output prices increased at their slowest rate since April, despite sharply rising input costs attributed to tariffs and wage pressures, underscoring persistent cost challenges amidst robust business activities.