The S&P Global US Composite PMI rose to 53.0 in January 2026, above the preliminary 52.8 and December’s 52.7, pointing to a solid expansion in private-sector activity. Output growth strengthened across both manufacturing and services, supported by faster gains in new business. Employment increased only marginally, while business confidence softened. Cost pressures remained elevated, though input inflation eased from late 2025, with a similar moderation in output price growth.