According to the Institue for Supply Management (ISM), the business activity in the non-manufacturing sector expanded at a faster pace in September than it did in August with the headline PMI improving to 61.6 from 58.5. This reading also surpassed the experts’ estimate of 58.
Key takeaways from the press release
- The Non-Manufacturing Business Activity Index increased to 65.2 percent, 4.5 percentage points higher than the August reading of 60.7 percent, reflecting growth for the 110th consecutive month, at a faster rate in September.
- The New Orders Index registered 61.6 percent, 1.2 percentage points higher than the reading of 60.4 percent in August.
- The Employment Index increased 5.7 percentage points in September to 62.4 percent from the August reading of 56.7 percent.
- The Prices Index increased by 1.4 percentage points from the August reading of 62.8 percent to 64.2 percent, indicating that prices increased in September for the 31st consecutive month.
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