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View All NewsServices sector’s growth rate pulls back in September
Economic activity in the US services sector expanded in September but at a slower rate than in August, according to the Institute for Supply Management’s Services PMI.
The purchasing managers’ index slipped to a reading of 53.6% in September from August’s reading of 54.5%, which was the highest since February.
Readings above 50% indicate expansion.
The pullback in the services sector’s growth comes as new orders and employment eased, Anthony Nieves, chair of the ISM’s Services Business Survey Committee, said in a press release. Those taking part in the PMI’s survey remained positive about business conditions, but some indicated concern about potential headwinds.
The employment subindex, meanwhile, fell to a reading of 53.4% in September from a reading of 54.7% in August, showing continued growth but at a slower pace.
Data in the report is based on a survey of purchasing and supply executives nationwide.