US private sector expansion cools for second month
By Iain Gilbert
Date: Tuesday 23 Sep 2025
(Sharecast News) - Business activity in the US slowed in September, according to preliminary estimates from S&P Global, with both manufacturing and services sectors losing momentum.
The composite purchasing managers' index fell to 53.6 from 54.6 in August, undershooting market expectations and marking a second consecutive month of softer growth. Despite the pullback, the reading still pointed to the strongest quarterly expansion since late 2024, suggesting underlying resilience in the private sector.
The manufacturing PMI slipped to 52.0 from 53.0, matching forecasts and easing from its highest level in more than three years, with S&P revealing that firms reported slower output growth and a moderation in new orders, though employment levels remained broadly stable.
Elsewhere, the services PMI declined to 53.9 from 54.5, reflecting weaker demand conditions and a more cautious outlook among service providers.
S&P Global noted that inflationary pressures persisted, with input costs rising at a faster pace than in August. However, selling price inflation eased slightly, indicating some margin compression.
Reporting by Iain Gilbert at Sharecast.com
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