US Private Sector Expands Less Than Previously Thought

The US Composite PMI fell to 55.9 in October 2026 from 58.4 in September, its lowest reading in three months and below the preliminary estimate of 57.6, as both manufacturing output and services activity recorded weaker gains.

Nevertheless, new business continued to increase sharply, supported primarily by strong demand in the services sector, while overall employment growth remained positive.

Cost pressures also stayed elevated, despite easing somewhat from September, and businesses raised selling prices at the fastest pace since August 2022, suggesting that inflationary pressures remain a concern.

Meanwhile, confidence in the business outlook weakened, falling to its lowest level since May.

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