The S&P Global US Composite PMI fell to 53.9 in September 2025, below August’s 54.6 and only slightly above the preliminary estimate of 53.6. The reading signaled the slowest pace of private sector expansion since June, as both manufacturing and services output moderated alongside weaker gains in new business. Employment growth was marginal, though business confidence improved noticeably. Cost pressures remained elevated, but input price inflation eased to a five-month low, and a similar softening was seen in output charges.