U.S. private-sector business activity gained significant momentum in September 2026, pointing to one of the strongest periods of economic expansion in recent years. According to preliminary S&P Global PMI data, the U.S. Composite PMI Output Index climbed to 58.4 in September from 56.0 in August, marking the fastest rate of business activity growth since July 2021; readings above 50 indicate expansion. The acceleration was supported by particularly strong services activity alongside renewed strength in manufacturing, while companies increased hiring at the quickest pace in more than four years as they responded to rising demand. The survey also showed mounting pressure on business capacity: backlogs increased, supplier delivery times lengthened and firms reported difficulties finding suitable workers. At the same time, input costs rose at their steepest pace in nearly four years, partly reflecting higher fuel and transportation expenses, raising concerns that inflationary pressures could remain elevated. S&P Global said its September survey data were consistent with approximately 5% annualized economic growth for the month and around 4% for the third quarter, although PMI surveys are indicators rather than official GDP measurements. The combination of stronger output, faster employment growth and rising costs gives Federal Reserve policymakers a more complicated interest-rate outlook, since resilient economic activity may have to be weighed against persistent inflation pressures. Importantly, the 54.6 PMI figure shown in the image does not match the latest September 2026 Composite PMI reading of 58.4, so I recommend correcting that figure before publishing.
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