BREAKING: The S&P Global US Composite PMI index jumped +2.4 points in September, to 58.4, its highest reading since July 2021. This also marks the 4th consecutive monthly improvement in growth. This was driven by the services sector, with its index rising +2.2 points, to 58.7, its highest level since October 2021. At the same time, Manufacturing PMI surged +3.1 points, to 57.0, its highest since May 2022. Excluding the post-2020 pandemic reopening surge in demand, the latest improvement in business activity is the strongest since 2015. However, this growth comes amid severe supply chain bottlenecks and labor shortages, pushing backlogs sharply higher and adding to inflationary pressures. Inflationary pressures are mounting.