The S&P Global US Composite PMI rose to 54.6 in October 2025 from 53.9 in September, slightly below the 54.8 flash estimate. Growth was driven by stronger manufacturing (PMI at 52.5) and services output (PMI at 54.8), supported by solid new business gains. Employment rose modestly as business confidence fell to a six-month low. Inflation pressures eased, with both input costs and output prices rising at their slowest pace since April, signaling moderating price growth alongside steady economic expansion.