# US business activity hits a five-year high in September as UK growth slows and prices rise > S&P Global's flash composite PMI jumped to 58.4 in the US and 53.1 in the eurozone, while the UK's fell to 51.7 on softer new business and rising input costs. - Canonical URL: https://forextradingcommunity.com/news/flash-pmi-september-2026-us-eurozone-uk/ - Type: Data - Published: 2026-09-26 - Updated: 2026-09-26 - Publisher: Forex Trading Community (https://forextradingcommunity.com), FTC Editorial Team - Currencies: USD, EUR, GBP S&P Global published its September flash PMIs on 23 September 2026, as previewed the week before ([preview](/news/flash-pmi-23-september-2026-preview/)). The United States and the eurozone both accelerated to multi-year highs, while the United Kingdom's growth slowed and its cost pressures intensified. ## United States: fastest growth in over five years - **Composite Output Index**: 58.4, up from 56.0 in August, a 62-month high - **Services Business Activity Index**: 58.7, up from 56.5, a 59-month high - **Manufacturing Output Index**: 56.7, up from 53.1, a 53-month high - **Manufacturing PMI**: 57.0, up from 53.9, a 52-month high S&P Global said US business activity growth accelerated for a fourth straight month, with a further surge in services accompanied by a renewed pickup in manufacturing, job gains at their fastest pace in years, and price pressures also intensifying: input costs rose at their fastest pace since October 2022. The reading followed the Federal Reserve's rate increase a week earlier ([report](/news/fed-raises-rates-september-2026/)) and a flat month for industrial production ([report](/news/us-industrial-production-august-2026/)). ## Eurozone: composite index at a multi-year high The flash Eurozone Composite PMI Output Index rose to 53.1 in September from 52.0 in August. The flash Services PMI Business Activity Index rose to 53.0 from 51.6, and the flash Manufacturing PMI held at 52.7. Reports on the release noted stronger growth in Germany and a return to growth in France after ten months of contraction, alongside input and output price inflation described as the strongest since May, which several reports linked to higher energy prices tied to the Middle East conflict. ## United Kingdom: growth slows as costs climb The flash UK Composite Output Index fell to 51.7 in September from 52.5 in August, a three-month low. The flash Services PMI Business Activity Index fell to 51.7 from 52.5. S&P Global's Chris Williamson said September brought "a worrying combination of disappointingly sluggish economic growth and intensifying inflationary pressures, with subdued business confidence and high costs meanwhile continuing to discourage hiring." Total new work across the UK private sector fell slightly, reversing the marginal growth seen in July and August. ## Why the divergence matters for currency traders A PMI above 50 means activity grew on the previous month; the further from 50, the faster the change ([PMIs explained](/news/pmi-explained/)). The US reading points to accelerating growth alongside rising price pressures, which tends to support a currency by keeping interest-rate expectations higher for longer; the UK's combination of slower growth and higher costs is a harder one for the Bank of England, which held Bank Rate at 3.75% on 17 September ([report](/news/bank-of-england-holds-3-75-percent-september-2026/)). The eurozone reading followed the European Central Bank's rate increase on 10 September ([report](/news/ecb-raises-interest-rates-september-2026/)). Final PMI readings for September, which can differ slightly from the flash figures above, are due in early October. Live prices: [EUR/USD](/markets/eur-usd/) and [GBP/USD](/markets/gbp-usd/). ## Sources - [S&P Global: Flash US PMI, 23 September 2026](https://www.pmi.spglobal.com/Public/Home/PressRelease/ed177f50167b4203ac490a961ea706be) - [S&P Global: Flash Eurozone PMI, 23 September 2026](https://www.pmi.spglobal.com/Public/Home/PressRelease/ab6649de01fd4c38a7f2c9a3e52a81bf) - [S&P Global: Flash UK PMI, 23 September 2026](https://www.pmi.spglobal.com/Public/Home/PressRelease/43cc558dfc334fa3a0c53bf388f70b5b) - [S&P Global: PMI releases calendar](https://www.pmi.spglobal.com/public/release/pressreleases) ## Common questions ### What was the US flash PMI in September 2026? The Composite Output Index rose to 58.4 from 56.0 in August, a 62-month high, S&P Global reported on 23 September 2026. Services rose to 58.7 and manufacturing output to 56.7. ### What was the eurozone flash PMI in September 2026? The Composite Output Index rose to 53.1 from 52.0 in August. Services rose to 53.0 from 51.6, and the Manufacturing PMI held at 52.7. ### What was the UK flash PMI in September 2026? The Composite Output Index fell to 51.7 from 52.5 in August, a three-month low, as new business slowed and cost pressures intensified. ### Why did US business activity accelerate so much in September 2026? S&P Global attributed it to a further surge in service-sector activity alongside a renewed pickup in manufacturing and the fastest job gains in years, though it also noted input costs rising at their fastest pace since October 2022. ### When are the final September 2026 PMI figures released? In early October 2026. Final readings can differ slightly from the flash figures, which are based on roughly 80–90% of survey responses. --- This article is for information only and is not financial advice. Trading forex and CFDs carries a high risk of losing money.