MacroOct 24, 2026, 9:56 PM

US Manufacturing PMI Hits 56.0 in October, Highest Since May 2022

S&P Global's US manufacturing PMI rose to 56.0 in October, beating expectations, while services and composite measures slipped slightly but remained near multi-year highs.

The S&P Global US Manufacturing PMI increased 0.1 point in October to 56.0, the strongest reading since May 2022. That compared with expectations for a 0.4 point decline. Job growth was a key driver, rising to its fastest pace since March 2012.

The Services PMI fell 0.9 points to 57.9, still the second-highest level in four years. The Composite PMI declined 0.8 points to 57.6, also the second-highest print in four years.

Despite the slight pullback in services, the PMI readings point to annualized GDP growth of 5.0% in Q4 2026, following a projected 4.0% pace in Q3 2026.

Source: The Kobeissi Letter

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