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.

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.

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.