The Economic Information Agency reported on the 6th that the Institute for Supply Management (ISM) announced the September non-manufacturing Purchasing Managers' Index (PMI) declined to 54.9, down from 55.4 in August and slightly below market expectations of around 55 to 55.2. A reading above 50 indicates continued expansion in U.S. service sector activity, although the pace of growth has slowed.
In terms of sub-indexes, the business activity index fell from 61.7 in August to 56.5, while the new orders index decreased from 60.9 to 59.8. The employment index rose from 47.8 to 50.1, returning to expansion territory. The prices paid index increased from 72.6 to 74, reaching the highest level since July 2022, reflecting further intensifying cost and inflation pressures.
The supplier deliveries index rose to 53.2, indicating delivery times continued to lengthen. ISM noted that fuel costs and supply chain constraints remain key challenges faced by businesses. (kk)
In terms of sub-indexes, the business activity index fell from 61.7 in August to 56.5, while the new orders index decreased from 60.9 to 59.8. The employment index rose from 47.8 to 50.1, returning to expansion territory. The prices paid index increased from 72.6 to 74, reaching the highest level since July 2022, reflecting further intensifying cost and inflation pressures.
The supplier deliveries index rose to 53.2, indicating delivery times continued to lengthen. ISM noted that fuel costs and supply chain constraints remain key challenges faced by businesses. (kk)
