FX.co ★ US Business Activity Growth Holds Close to 5-Year High

The US Composite PMI eased to 57.6 in October 2026 from 58.4 in September, a two-month low, yet remained firmly in expansionary territory and marked the second-strongest rise in business activity since March 2022. New orders growth accelerated to its highest level in more than four and a half years, while export sales saw their largest increase since May 2022.

The labor market also stayed robust, with employment rising at its fastest pace since June 2022 as firms expanded their workforces to meet stronger demand and work through growing backlogs. At the same time, intensifying cost pressures pushed selling-price inflation to its highest level since August 2022. Input costs climbed at their fastest rate since November 2022, excluding the spike seen in September.

Looking ahead, business confidence for the coming year softened slightly but still registered as the second-highest reading so far this year.