Report published September 23, 2026
USA: S&P PMIs Rise to Their Highest Levels Since 2022 but Highlight Intensifying Price Pressures - Goldman Sachs Research
Goldman Sachs · September 23, 2026
Preliminary September S&P Global US services and manufacturing PMIs unexpectedly climbed to 58.7 and 57.0, their highest levels since early 2022. However, the survey details revealed reaccelerating input price pressures and worsening supply chain bottlenecks.
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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.S&P Global US services and manufacturing PMIs both rose unexpectedly in preliminary September data to their highest levels since 2022.
- 2.Both PMI reports showed accelerating price pressures, with the services input prices measure climbing to 66.1, its highest mark since November 2022.
- 3.Goldman Sachs cautions that survey strength may partly reflect nominal bias, where respondents evaluate orders and shipments in dollar terms rather than real volumes.
Table of Contents
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Report data
Key figures extracted from this report
| Metric | Estimate | Context |
|---|---|---|
| S&P Global US Services PMI | 58.7 index | Reached highest level since March 2022; consensus was 56.0, prior was 56.5 |
| S&P Global US Manufacturing PMI | 57.0 index | Reached highest level since May 2022; consensus was 53.5, prior was 53.9 |
| Services Input Prices Index | 66.1 index | Highest level since November 2022 |
| Manufacturing Input Prices Index | 68.1 index | Rebounded following three consecutive monthly declines |
| Services New Business Index | 58.3 index | Highest level since March 2022 |
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