The S&P Global Composite PMI is a key economic indicator that reflects the health of the manufacturing and service sectors. A PMI above 50 indicates expansion, while a figure below 50 suggests contraction. The reported PMI of 50.2 for September, which is in line with the prior figure and slightly above the estimate, suggests a steady economic condition. As SPY ETF tracks the S&P 500 Index, this news is relevant but is unlikely to have a significant impact on its price in the short term as the PMI figure is largely in line with expectations.