US services PMI rises for 3rd straight month in September

03/10/2024 Argaam

Economic activity in the US services sector grew for the third straight month in September, with 12 industries reporting growth during the month, compared with 10 industries in August.

 

According to data from the Institute for Supply Management (ISM) released on Thursday, the services purchasing managers index (PMI) rose to 54.9 in September, from 51.5 in August, beating expectations for a reading of 51.7.

 

The prices index registered 59.4 in September, up from 57.3 in August. Meanwhile, the employment index contracted for the first time in three months, reaching 48.1, down 2.1 from August.

 

The business activity index rose to 59.9, up from 53.3 in August. The new orders index expanded to 59.4, up 6.4 points from the August reading.

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