US September S&P Global flash services PMI 58.7 vs 56.0 expectedNewsAdam Button23/09/2026 | 13:51 GMT, published 23/09/2026 at 01:51 PMTagsUSDAdd as a preferredsource on GoogleSummaryThe services and manufacturing PMIs from S&P Global hit a five year high and the highest since 2015 ex-pandemic.
Prior was 56.8Manufacturing 57.0 vs 53.
6 expPrior manufacturing 53.2Composite 58.4 vs 56.
0 priorEmployment growth strongest since June 2022Input cost inflation highest since October 2022This is a nice jump and underscores the Fed's rate hike and hawkish stance. These are five-year highs across the board. Services continue to lead but manufacturing output picked up sharply, with factory hiring rising at the fastest pace since February 2021.
The demand is largely coming from home. Goods exports continued to decline and services exports rose only modestly, yet new orders in both sectors grew at their strongest rates since the spring of 2022.For the Fed, the uncomfortable part is what’s happening to capacity.
Backlogs increased at the fastest pace since May 2022 despite the strongest overall hiring in more than four years. Supplier delays were also the most widespread since July 2022.Chris Williamson, Chief Business Economist at S&P Global Market Intelligence: “US business continues to boom, with output growing at the fastest rate for over five years in September.
Historical comparisons suggest that the latest survey data point to annualized growth of around 5% with a 4% gain now signalled for the third quarter as a whole. “To put the growth surge in context, barring the spike in demand following the opening up of the economy after the COVID-19 lockdowns, the latest improvement in business activity is the greatest recorded since early 2015. Business is clearly booming now in both manufacturing and services.
“However, this growth is being accompanied by some of the most severe supply chain bottlenecks seen in the near-two-decade survey history if the pandemic is excluded, with companies also reporting increasing problems finding suitable staff. Backlogs of work are consequently rising sharply. While this accumulation of uncompleted orders bodes well for the further expansionof output and capacity in the coming months, it also indicates that companies are developing more pricing power, and hence is a worry for the inflation outlook.
“Firms’ input costs have meanwhile jumped in September at the steepest rate for four years, with fuel and transport costs spiking higher thanks to the rise in oil prices seen during the month, which will add further to the upward pressure on selling prices and inflation in the coming months.”They don't use the word 'boom' casually. This could be a game-changer and lead to a hawkish re-pricing of the Fed.
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