The flash PMI for September, compiled by S&P Global, recorded a composite output reading of 58.4, up from 56.0 in August, marking the fourth consecutive month of accelerating growth and the fastest pace since July 2021.
Readings above the 50‑point threshold indicate expansion; the latest surge was driven by service‑sector output rising at its steepest rate in over five years and manufacturing output accelerating at the quickest pace since April 2022.
New‑order inflows also reached multi‑year highs, with services posting the strongest pace since March 2022 and manufacturers seeing their highest since April 2022. The report attributes the order boom to robust domestic demand, noting a decline in goods exports while services exports grew modestly.
Chris Williamson, chief business economist at S&P Global Market Intelligence, said the improvement is the greatest recorded since early 2015 and added, “Business is clearly booming now in both manufacturing and services.”
The upbeat PMI aligns with other sentiment indicators: the Conference Board’s CEO Confidence index rose to 52 in the third quarter, up from 47, and the NFIB Small Business Optimism Index held at 98.7 in August, staying above its 52‑year average despite a slight dip.
Analysts view the data as evidence that the U.S. economy continues to gain momentum after the pandemic‑era reopening, though they caution that weakening goods exports could temper future growth.