US business activity expands fastest in five years

US business activity rose at the fastest pace in more than five years as robust demand pushed up new orders and employment at manufacturers and service providers. The S&P Global flash US composite purchasing managers index climbed to 58.4 in September, according to data released Wednesday. That was the highest since July 2021.

Figures above 50 indicate expansion.

Employment surged at a rate not seen in over four years, while input prices grew at the fastest pace since 2022.


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Respondents primarily blamed higher fuel and transport costs, though a pickup in wages was also noted by many firms. "Business is clearly booming now in both manufacturing and services," Chris Williamson, chief business economist at S&P Global Market Intelligence, said in a statement.