S&P Global flash PMIs rise to multi‑year highs in September

23rd Sep 2026 15:01

(Sharecast News) - US business activity accelerated sharply in September, with preliminary readings of S&P Global's composite, services and manufacturing PMIs all rising to multi‑year highs.

The composite PMI climbed to 58.4 from 56.0 in August, a 62‑month peak, while the services PMI advanced to 58.7, its strongest reading in almost five years. Manufacturing also strengthened, with output up to 56.7 and the headline PMI jumping to 57.0, both of which were the highest readings since 2022.

S&P Global said growth was driven by a further surge in services activity alongside a renewed pickup in factory output.

New orders accelerated across both sectors, supported mainly by domestic demand, while hiring also strengthened, with employment rising at the fastest pace in more than four years as firms sought to meet rising workloads. Backlogs increased at the sharpest rate since mid‑2022, reflecting capacity pressures and ongoing supply delays.

Price pressures intensified, with input costs across goods and services rising at the quickest rate since October 2022 amid higher fuel, transport and wage costs, while supply chain delays were the most widespread since July 2022, contributing to higher raw‑material prices in manufacturing. Selling‑price inflation also picked up, though competition kept some service‑sector increases in check.

Business expectations were broadly unchanged, with manufacturers more upbeat than service providers, the latter still weighed by cost‑of‑living concerns, borrowing costs and political uncertainty.

Reporting by Iain Gilbert at Sharecast.com