The S&P Global US flash composite PMI rose to 58.4 in September 2026 from 56.0 in August against a 55.2 consensus - the fastest output growth in more than five years. Services rose to 58.7, a 59-month high, and manufacturing to 57.0 from 53.9. New orders grew at the strongest rate in nearly four and a half years and employment at its fastest pace since February 2021, while the input-price index jumped to 66.4 from 59.9, the steepest cost increase since October 2022, as oil pushed fuel and transport bills higher and supply-chain delays became the most widespread since mid-2022. Treasury yields rose on the release.