FX.co ★ US Composite PMI Falls to 11-Month Low

The flash S&P Global US Composite PMI edged down to 51.4 in March 2026 from 51.9 in February, its lowest reading since April of the previous year and signaling a second consecutive month of moderating growth. Although the index remained above the 50 threshold that separates expansion from contraction, it pointed to the weakest quarterly performance since late 2023.

Overall business activity slowed to an 11‑month low as new orders softened and prices surged in the wake of the war in the Middle East. The deceleration was driven primarily by the services sector, while manufacturing proved more resilient, supported by stronger output and order growth, partly reflecting easing concerns over tariffs.

Private sector confidence deteriorated, resulting in the first decline in employment in more than a year. At the same time, input costs rose sharply, fueling the fastest increase in selling prices since August 2022, largely due to higher energy costs and tighter supply conditions. Manufacturing delivery times also lengthened markedly.