U.S. Composite PMI Rises to 58.4 in September, Reaching a Five-Year High

On September 23, S&P Global reported that the U.S. Composite PMI output preliminary value rose to 58.4 in September, significantly higher than August's 56.0, marking the highest level since July 2021, indicating a notable expansion in both manufacturing and service activities. The new orders index increased from 55.2 to 58.2, the highest since March 2022. Strong demand has driven the volume of uncompleted orders to the highest level since May 2022, with backlogs indicating further expansion in future output and capacity, while companies' pricing power has strengthened, potentially exacerbating inflationary pressures. Price indicators also rose significantly, with the input purchasing price index climbing from 59.9 to 66.4, the highest level since October 2022. Supply chain delays and insufficient operational capacity are pushing up corporate costs, with the extent of supplier delivery time extensions reaching the widest level since July 2022. Following the data release, spot gold fell below $4,300, the U.S. dollar index rose above 101, and U.S. Treasury yields increased further, with the 10-year Treasury yield returning above 5%. The Federal Reserve has raised the benchmark interest rate by 25 basis points to a range of 3.75% to 4.00% and signaled the possibility of further rate hikes in the coming months.

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