The flash S&P Global US Composite PMI slipped to 51.4 in March 2026 from 51.9 in February, marking its lowest level since April last year and signaling a second straight month of slowing growth. While still above the 50 threshold that indicates expansion, the reading points to the weakest quarterly performance since late 2023. Business activity slowed to an 11-month low as new orders softened and prices surged following the war in the Middle East. The slowdown was led by the services sector, while manufacturing showed resilience with stronger output and order growth, supported in part by reduced tariff concerns. Confidence across the private sector weakened, leading to the first drop in employment in over a year. Input costs rose sharply, driving the fastest increase in selling prices since August 2022, largely linked to higher energy costs and tighter supply, while manufacturing delivery times lengthened significantly. source: S&P Global

Composite PMI in the United States decreased to 51.40 points in March from 51.90 points in February of 2026. Composite PMI in the United States averaged 53.71 points from 2013 until 2026, reaching an all time high of 68.70 points in May of 2021 and a record low of 27.00 points in April of 2020. This page provides the latest reported value for - United States Composite PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Composite PMI in the United States decreased to 51.40 points in March from 51.90 points in February of 2026. Composite PMI in the United States is expected to be 51.40 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United States Composite PMI is projected to trend around 53.00 points in 2027, according to our econometric models.



United States Composite PMI
In the United States, the S&P Global Composite PMI Output Index, which is a weighted average of the Manufacturing Output Index and the Services Business Activity Index, tracks business trends across both manufacturing and service sectors. The index is based on data collected from a representative panel of over 800 companies and follows variables such as sales, new orders, employment, inventories and prices. A reading above 50 indicates expansion in business activity while below 50 points to contraction. This is only a limited sample of PMI headline data displayed on the Customer’s service, under licence from S&P Global. Full historic PMI headline data and all other PMI sub-index data and histories are available on subscription from S&P Global. Contact economics@spglobal.com for more details.

News Stream
US Business Activity Weakest in 11-Months
The flash S&P Global US Composite PMI slipped to 51.4 in March 2026 from 51.9 in February, marking its lowest level since April last year and signaling a second straight month of slowing growth. While still above the 50 threshold that indicates expansion, the reading points to the weakest quarterly performance since late 2023. Business activity slowed to an 11-month low as new orders softened and prices surged following the war in the Middle East. The slowdown was led by the services sector, while manufacturing showed resilience with stronger output and order growth, supported in part by reduced tariff concerns. Confidence across the private sector weakened, leading to the first drop in employment in over a year. Input costs rose sharply, driving the fastest increase in selling prices since August 2022, largely linked to higher energy costs and tighter supply, while manufacturing delivery times lengthened significantly.
2026-03-24
US Composite PMI Falls to 10-Month Low
The S&P Global US Composite PMI dropped to 51.9 in February from 53 in January, the lowest in ten months and below preliminary estimates of 52.3. Growth was constrained by a broad-based weakening in the respective expansions in both manufacturing and service sector output. There was also a concurrent moderation in new business growth midway through the first quarter. Firms took on additional workers, but only fractionally as confidence in the outlook remained below its historical trend. Prices data meanwhile showed that increases in both costs and selling prices were little changed, and well above respective series averages.
2026-03-04
US Business Activity Slows to 10-Month Low
The S&P Global US Composite PMI fell to 52.3 in February 2026 from 53.0 in January, signaling the slowest pace of private-sector expansion since April 2025, according to preliminary data. Growth moderated across both sectors, with manufacturing and services activity easing to seven- and ten-month lows, respectively. New orders also softened, while export demand declined at one of the sharpest rates in the past year. Employment increased only marginally for a third straight month, marking the weakest job growth since last April. On the pricing side, input cost inflation edged higher, often linked to tariffs and rising labor expenses, while output prices climbed at the fastest pace since August. Despite the slowdown, business confidence strengthened, with year-ahead output expectations rising to a 13-month high.
2026-02-20