Monthly PMI Bulletin: October 2025

The following is an extract from S&P Global Market Intelligence's latest Monthly PMI Bulletin. For the full report, please click on the 'Download Full Report' link.

Download full report

Global growth slows in September but confidence rises

The global economic expansion continued at a solid pace in September, albeit with rates of production and services activity growth both softening from August. This occurred while business confidence improved and price pressures receded, although employment stalled.

The J.P.Morgan Global PMI Composite Output Index - produced by S&P Global -posted 52.4 in September, down from 52.9 in August. The latest reading was the lowest in three months but nevertheless signalled that growth remained solid at the end of the third quarter. At its current level, the PMI is broadly consistent with the global economy expanding at an annualized rate of 2.7% in September, which is slightly below the average GDP growth rate of 3.1% seen in the decade prior to the pandemic. The latest data also marked the first deceleration of global growth in five months.

Trends varied widely by region. Faster growth in the eurozone contrasted with near stalled growth in the UK, while improved performance in mainland China differed with slowing growth in the US. Notably, despite the deceleration in the pace of global expansion, growth became more broad-based by sector at the end of the third quarter, as faster consumer services growth accompanied existing strong upturns for tech and financial services.

September's data also brought positive news in the form of rising confidence among businesses. Furthermore, price pressures receded as rates of input cost and output price inflation both eased on a global scale. This was similarly the case for the US as the focus zeros-in on the October Fed meeting amid the absence of official data releases during the ongoing US government shutdown. On the flip side, the level of confidence remained subdued by historical standards, with views regarding uncertainty intensifying among manufacturers, and employment stalled, altogether highlighting downside risks that persist to growth.

© 2025, S&P Global. All rights reserved. Reproduction in whole or in part without permission is prohibited.

Purchasing Managers' Index™ (PMI^®) data are compiled by S&P Global for more than 40 economies worldwide. The monthly data are derived from surveys of senior executives at private sector companies, and are available only via subscription. The PMI dataset features a headline number, which indicates the overall health of an economy, and sub-indices, which provide insights into other key economic drivers such as GDP, inflation, exports, capacity utilization, employment and inventories. The PMI data are used by financial and corporate professionals to better understand where economies and markets are headed, and to uncover opportunities.

Learn more about PMI data

Request a demo

This article was published by S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.