U.S. Composite PMI Climbs To 58.4, Highest Since July 2021
New orders and input costs also rose sharply in September, pointing to stronger demand and renewed inflation pressure.
U.S. business activity accelerated in September, with the preliminary composite purchasing managers’ index rising to 58.4 and reaching its highest level since July 2021.
The index increased from 56.0 in August as manufacturing and services activity expanded. New orders climbed to 58.2, the strongest reading since March 2022, while unfinished work reached its highest level since May 2022.
Cost pressures also intensified. The input purchase price index rose to 66.4 from 59.9, its highest level since October 2022. Supplier delivery delays were the most widespread since July 2022, as supply-chain disruptions and limited operating capacity pushed up business costs.
Stronger demand, rising backlogs and higher input prices point to renewed inflation pressure and increased pricing power for businesses.
