The S&P Global US Composite PMI rose to 58.4 in September 2026 from 56 in August, matching the flash estimate and marking the strongest expansion in private-sector business activity in more than five years. Growth accelerated across both manufacturing and services, pointing to broad-based strength in the US economy. The increase in output was supported by a rapid rise in new orders, indicating that demand remained robust during the month. Stronger workloads also encouraged businesses to expand their workforces, with employment increasing at the fastest pace since June 2022. However, the stronger economic performance was accompanied by a renewed build-up in cost pressures. Input prices rose at their sharpest rate since October 2022, adding to concerns about inflationary pressures across the private sector. Companies responded by raising their selling prices at a faster pace in September, suggesting that higher input costs were increasingly being passed on to customers.