The S&P Global US Composite PMI fell to 53.6 in September 2025 from 54.6 in August, below market expectations, a flash estimate showed. While the reading pointed to a second consecutive month of softer growth, it still signaled the strongest quarterly expansion since late 2024. Service-sector activity slowed to its weakest pace since June, and manufacturing output growth eased from August’s 39-month high. New orders rose more slowly, job creation cooled, and backlogs of work increased for a sixth straight month. On the inflation front, input costs jumped to their highest level since May - driven largely by tariffs - marking the second-fastest increase in over two and a half years. However, firms reported the slowest rise in output charges since April, as weak demand and rising competition limited their ability to pass on higher costs. On a more positive note, business confidence climbed to a four-month high.