US Output Jumped to 58.4 in September, a 4.5-Year High
US business output rose to 58.4 in September from 56.0 in August, according to S&P Global's flash estimate released September 23. S&P Global
The PMI, or Purchasing Managers' Index, is a monthly survey of businesses. A reading above 50 means activity is expanding. The composite version blends manufacturing and services into one number, and flash means an early estimate.
That 58.4 reading was a 54-month high. S&P Global The release was listed as a Composite PMI release dated September 23, 2026. S&P Global
The August figure was 56.0, up from 54.5 in July. S&P Global S&P Global said that August 56.0 was the fastest growth since April 2022.
On the factory side, US manufacturing PMI rose to 55.6 in July 2026 from 53.3 in June 2026. Reuters US manufacturing activity reached a more than four-year high in July 2026.
Earlier, S&P Global's flash US Composite PMI Output Index increased to 52.0 in April 2026. Reuters Economists polled by Reuters had forecast US services PMI would climb to 54.2 in August 2026. Reuters
Put together, the composite output measure reads 52.0 in April, 54.5 in July, 56.0 in August, and 58.4 in September. The August-to-September rise was 2.4 points, larger than the 1.5-point rise from July to August.
The broader context here is the slope, not just the level. A move of almost four points in two months will push up the live GDP-tracking models forecasters use to estimate growth right now. One strong early, or flash, estimate can be noisy, but four readings pointing the same way from April through September give that signal more weight. For savers and borrowers, that kind of steady climb usually keeps the focus on whether the economy is running hot.
In my view, the mix matters for what happens next. Manufacturing hit a more than four-year high in July, so growth is no longer relying on services alone. When both parts grow together, a dip in one does not drag down the total as quickly. What is not in these headline numbers, new orders, backlogs and input prices, will decide if this pace holds or fades by the final September data and the October flash.
Looking at what this means for pricing and policy, readings near 58 keep attention on capacity pressure rather than weak demand. Flash estimates are subject to revision. The message for interest rates, borrowing costs and stock-market pricing is less about September alone and more that August was not the peak. September moved higher.
