Report published September 24, 2026

Global PMI Monitor: Input Prices Reaccelerate – Goldman Sachs Research

Goldman Sachs · September 24, 2026

The September developed market flash composite PMI rose 1.1 points to 55.1, supported by solid headline growth led by the US. However, input and output prices rebounded sharply across manufacturing and services, breaking a multi-month cooling trend.

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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.The developed market (DM) composite flash PMI increased by 1.1 points to 55.1 in September, driven by simultaneous gains in services and manufacturing.
2.Input price pressures reaccelerated across both manufacturing and services, halting the downward trend observed in previous months.
3.Country divergence widened significantly: the US showed sharp expansion across manufacturing and services, whereas Australia contracted in manufacturing and decelerated in services.

DM Trends
Activity Components
Inflation-Related Components
Analysis of Early Business Surveys From Our Economics Team

Report data

Exhibit 1: Input Prices Rose in September for Both Manufacturing and Services, Reversing the Declining Trend in Recent Months

Metric	Estimate	Context
DM Composite Flash PMI	55.1 index points	Aggregate developed market flash composite PMI
DM Services Flash PMI	55.1 index points	Aggregate developed market flash services PMI
DM Manufacturing Flash PMI	54.6 index points	Aggregate developed market flash manufacturing PMI
US Manufacturing Flash PMI	57.0 index points	United States flash manufacturing PMI
Australia Manufacturing Flash PMI	49.3 index points	Australia flash manufacturing PMI entering contraction