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. source: S&P Global

Composite PMI in the United States decreased to 52.30 points in February from 53 points in January of 2026. Composite PMI in the United States averaged 53.73 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 52.30 points in February from 53 points in January of 2026. Composite PMI in the United States is expected to be 51.00 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 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
US Composite PMI Edges Higher in January
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.
2026-02-04
US Private Sector Maintains Expansion in January
The S&P Global US Flash Composite PMI inched up to 52.8 in January 2026 from 52.7 in December, signalling a modest pickup in business activity, though growth remained subdued relative to the stronger expansion seen in the second half of 2025. Manufacturing growth accelerated (54.8 vs 53.6) to outpace that of services (52.5 vs 52.5), but there were further signs that underlying order book growth has softened in both sectors, led by falling exports. Job numbers remained little changed. Elevated rates of input cost and selling price inflation were again commonly attributed to tariffs, especially in manufacturing, where price pressures intensified. However, service sector inflation moderated, linked in part to intensifying competition. Meanwhile, confidence in the year ahead outlook remained positive but dipped slightly lower, as hopes for sustained economic growth and favorable demand conditions were somewhat offset by ongoing worries over the political environment and higher prices.
2026-01-23