Business Growth and Employment Rose in September
U.S. firms saw the fastest employment gains since June 2022 despite a dip in consumer sentiment.
Updated on Sept. 26, 2026 in Economic Indicators
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S&P Global Flash PMI data indicates that U.S. business growth reached a 62-month high in September 2026. The headline business index climbed to 58.4 from 56.0 in August, reflecting a period of accelerated activity.
Why it matters
While macroeconomic indicators like median household income have reached $87,460 and poverty rates hit a record low of 10.2% in 2025, business operators face mixed signals as consumer sentiment falls to a four-month low.
The U.S. headline business index rose to 58.4 in September 2026 compared to 56.0 in August, while employment growth accelerated at its fastest pace since June 2022. These gains occurred against a backdrop of a 2025 poverty rate of 10.2% and real median household income of $87,460.
The players
Donald Trump
The current President of the United States who is leveraging recent economic indicators to campaign for midterm candidates.
University of Michigan
An academic institution that conducts the monthly consumer surveys used to track economic sentiment.
The details
The acceleration in business growth marks a 62-month peak, suggesting that hiring activity is outpacing broader consumer confidence. Operations are currently navigating this divergence, as business expansion plans face headwinds from concerns over fuel prices and international trade friction.
Timeline
September 2026 was the period of record business growth and consumer data.
June 2022 marked the previous peak for U.S. employment growth rates.
2025 saw the U.S. poverty rate reach a record low of 10.2 percent.
Market Landscape
The current business expansion follows a period where the Supplemental Poverty Measure held at 13.1% in 2025. This performance highlights a persistent gap between positive business-side growth metrics and the more cautious sentiment reported in household-level surveys.
Operators should monitor whether the current pace of employment growth can be sustained if trade-related cost pressures and fuel price volatility continue to dampen consumer sentiment. Adjust staffing forecasts and inventory levels to account for the gap between strong business activity and cooling demand.
The takeaway
Strong PMI growth indices often signal expanding capacity, but they currently coexist with declining consumer sentiment driven by global trade and energy price risks. Review your customer demand indicators against these national trends to ensure your hiring levels match actual market appetite.
Further reading
For more on how shifting market trends impact your operations, see the latest Economic Indicators.
Source note: This article includes information reported by International Business Times.
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