US Composite PMI Confirmed at 58.4 in September, Marking Five-Year High

The final reading of the S&P Global US Composite PMI confirmed business activity reached a more than five-year high of 58.4 in September, rising from 56.0 in August. The expansion was led by the Services PMI, which climbed to 58.8 from 56.5, driven by broad-based demand and an outperforming technology sector at 62.0. However, input cost inflation accelerated to its fastest pace since late 2022 due to higher wages and fuel expenses. S&P Global estimated roughly 4% GDP growth in the third quarter, which may prompt Federal Reserve policymakers to keep interest rates elevated.