A monthly survey by S&P Global suggests that US business activity picked up in September. Its flash composite index rose to 58.4 from 56.0 in August, the strongest reading in more than five years. Services and manufacturing both expanded.
The survey also found that business costs were rising faster, with higher energy and transport expenses among the pressures firms reported. That leaves a mixed picture: stronger activity is good news for businesses, while rising costs can eventually feed into the prices customers pay.
The PMI is based on survey responses and is not the same as the government’s official GDP measure. It offers an early snapshot of how companies say business is going.