FX.co ★ US Composite PMI Eases but Signals Solid Growth in November

The S&P Global US Composite PMI declined slightly to 54.2 in November 2025, down from 54.6 in October, and below the earlier estimate of 54.8. Despite this decrease, the index continues to indicate robust growth within the U.S. private sector economy, with expansion remaining consistent in both manufacturing and services. The recent survey highlighted the most significant uptick in new business activities over the past three months, which has supported continued strong job growth. At the same time, input cost inflation has surged to its highest level in four months, prompting firms to increase their output prices at a quicker rate as they pass on these increased costs.