The S&P Global US Composite PMI for March 2026 was revised sharply down to 50.3 from a preliminary estimate of 51.4, marking the lowest level since September 2023 and down from 51.9 in February. The data signal a marked loss of momentum in overall private sector activity, which came close to stalling. A renewed contraction in services (49.8 vs 51.7 in February) offset a stronger rise in manufacturing output.
Growth in new orders slowed to a three-month low, and business confidence for the year ahead fell to its weakest level since October. As a result, private sector employment declined for the first time in just over a year. At the same time, input cost inflation accelerated to its highest rate so far in 2026, while firms raised selling prices at a faster pace.
