- Markit’s Services Purchasing Managers Index (PMI) remained steady at 50.9.
- Composite PMI also remained unchanged at 51 in September.
- US Dollar Index stays near the 99 handle after the data.
In its final reading for September, the IHS Markit showed that the business activity in the United States’ services sector expanded at a modest pace with the headline PMI staying unchanged at 50.9. Additionally, the Composite PMI remained steady at 51 as expected.
The US Dollar Index largely ignored the data and stays in the negative territory near the 99 handle.
Commenting on the data, “A disappointing service sector PMI follows news of lacklustre manufacturing and means the past two months have seen one of the weakest back-to-back expansions of business activity since 2009, sending a signal of slower GDP growth in the third quarter,” said Chris Williamson, Chief Business Economist at the IHS Markit.
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