U.S. business activity accelerated significantly in September, with the S&P Global Manufacturing PMI rising to 57.0, the Services PMI to 58.7, and the Composite PMI to 58.4. All figures substantially exceeded market expectations, indicating the strongest growth momentum in over five years, supported by robust hiring and demand. However, input costs surged to their highest level since 2022, driven by rising energy and transportation expenses, which intensified inflation concerns despite a relatively controlled increase in selling prices.