US Business Activity Surges to Five-Year High as September Flash PMIs Beat Across the Board

S&P Global's September flash PMI readings for the United States came in sharply above expectations across every measure, signaling the strongest pace of business activity in five years. The Manufacturing PMI rose to 57.0, well ahead of the 53.6-53.7 consensus forecast and up from 53.9 in August. The Services PMI printed at 58.7, beating the 56.0 estimate, while the Composite PMI climbed to 58.4 from 56.0 in August, also surpassing forecasts centered around 55.3.

All three readings landed in firmly expansionary territory, with any figure above 50 indicating growth. The manufacturing beat was particularly notable, representing a multi-point jump from the prior month and reaching a five-year high. The breadth of the upside surprises, covering both the goods and services sectors simultaneously, points to broad-based momentum in the US economy heading into the final quarter of 2026.