Daily News
View All NewsUS nonmanufacturing index decelerates in September
Economic activity in the US nonmanufacturing sector increased in September but at a slower pace than August. The Institute for Supply Management’s nonmanufacturing composite index fell to a reading of 56.9 from August’s reading of 59.0.
A reading above 50 indicates expansion in the sector.
There’s “a little bit of softening in the retail market,” Bloomberg quoted Anthony Nieves, chairman of the ISM non-manufacturing survey, as saying on a conference call with reporters after the release. The weakness may “be attributed to the softening of the stock market and consumer confidence.”
The employment portion of the index rose to a reading of 58.3 in September from August’s reading of 56.0.