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Markets · October 24, 2026 · 2 min read

S&P Global flash October U.S. PMI eases to 57.6; selling-price growth accelerates

By Econ Data Tools Editorial Team

Published October 24, 2026 • Updated October 24, 2026

Reviewed by Instinct source QC

The preliminary composite output index fell from 58.4 to 57.6 but remained above 50. S&P Global reports the strongest selling-price increase since August 2022; this is a business survey, not an official GDP or CPI release.

S&P Global's preliminary U.S. Composite PMI Output Index fell to 57.6 in October from 58.4 in September, according to its October 23 flash release. A reading above 50 indicates month-to-month growth. The lower index therefore points to slower expansion, not an outright decline in private-sector activity. The services business activity index eased to 57.9 from 58.8, while the manufacturing output index fell to 55.8 from 56.2. The separate manufacturing PMI rose to 56.0 from 55.9, a 53-month high. The manufacturing PMI and manufacturing output index are different indicators and should not be treated as contradictory readings of the same measure. S&P Global says new-order growth improved overall as domestic demand remained strong and exports gained traction. Its report says export orders for goods rose for the first time since June 2025 and services exports recorded their largest rise since July 2023. These are survey findings, not a dollar measure of the U.S. trade balance. Price pressures also increased. The survey's combined selling-price rise was the sharpest since August 2022, with manufacturers and service providers both reporting stronger increases. Respondents cited energy, fuel, freight and other inputs among the cost pressures. The PMI price measure is not the Consumer Price Index and does not establish an exact future inflation rate. The flash data were collected October 9-22 and are preliminary. S&P Global interprets the output readings as consistent with roughly 5% annualized GDP growth, but that is its survey-based signal, not an official Bureau of Economic Analysis GDP result. This brief does not convert that assessment into a confirmed quarterly growth figure. For readers following the economy, the report combines continued business expansion with stronger pricing pressure. It does not itself announce a Federal Reserve decision or guarantee a future rate increase. The activity, prices and policy interpretations should be kept separate until official releases and decisions supply their own evidence.

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