S&P Global released flash U.S. PMI data for January 2026, showing continued but subdued growth. The Composite Output Index reached 52.8. This marks a slight increase from December's 52.7. The data suggests a cooling expansion compared to the latter half of 2025.
Manufacturing growth accelerated, surpassing the services sector. Underlying demand appeared soft. New order growth registered the second-lowest level in nine months. Employment numbers remained mostly unchanged.
Ongoing price pressures were noted, particularly in manufacturing. Firms often attributed these pressures to tariffs.