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S&P Global Data Shows Fastest US Business Growth Since Post-COVID Reopening

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S&P Global Data Shows Fastest US Business Growth Since Post-COVID Reopening

U.S. business activity grew in September at the fastest rate for over five years, according to the S&P Global US Flash PMI released Wednesday (Sept. 23).

The flash S&P Global US PMI Composite Output Index rose from 56.0 in August to 58.4 in September, marking the fourth consecutive month of accelerating growth as well as the fastest expansion since July 2021, according to the report.

The PMI, or Purchasing Managers’ Index, is a widely followed economic indicator that shows how private-sector businesses are performing, according to S&P Global. The headline number indicates the overall health of the economy, with readings over 50 representing economic expansion compared to the month prior, per the company.

The headline number’s growth in September was driven by a further surge in service sector output and an improvement in manufacturing output. Service sector output rose at the steepest rate in over five years, and manufacturing output accelerated at the fastest pace since April 2022, according to the report.

In addition, the service sector’s new order inflows reached the highest pace since March 2022 and those of the manufacturing sector were the highest since April 2022, per the report. The report attributed the growth in new order inflows to domestic demand, as goods export volumes fell and services exports rose modestly.

“To put the growth surge in context, barring the spike in demand following the opening up of the economy after the COVID-19 lockdowns, the latest improvement in business activity is the greatest recorded since early 2015,” Chris Williamson , chief business economist at S&P Global Market Intelligence, said in the report.


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