September 2026 flash PMI data showed divergent private-sector momentum across India, the U.S., the Eurozone, France and the UK. India and France recorded stronger activity, Eurozone and UK manufacturing remained in expansion, and the S&P Global US Manufacturing PMI jumped to 57.0 from 53.9 in August, far exceeding expectations of 53.6. The S&P Global US Services PMI rose to 58.7 from 56.5, its strongest expansion in more than five years and above consensus of 56, as domestic demand drove new orders and backlogs. The services rebound supported the strongest employment growth since June 2022, while input-cost inflation reached its highest level in nearly four years and output charges increased. India’s HSBC Composite PMI rose to 56.5 from 54.3, France’s preliminary S&P Global Flash Composite Output Index returned to growth at 51.2 from 48.5, the S&P Global Eurozone Manufacturing PMI held at 52.7, and the UK Manufacturing PMI increased to 52.0 from 51.7. UK production growth slowed despite support from AI investment and higher defense spending, while consumer demand remained weak. Cost pressures accelerated in the UK and Eurozone, employment fell in France, and confidence weakened in France, the Eurozone and U.S. services. The broader survey release said elevated energy prices linked to the conflict between the U.S. and Iran weighed on global activity, although global economic growth slowed only slightly in the second quarter.