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ISM non-manufacturing PMI falls more than expected
(Spencer Platt/Getty)
We got two data points on the services sector, which showed that it's still in good shape and there is jobs growth.
ISM's non-manufacturing index for September came in at 56.9; economists had estimated it at 57.5, down from 59.0.
There was growth among most industries, as the sector rose for a 68th straight month, according to ISM. Employment grew at a faster rate.
Markit Economics' services purchasing managers' index (PMI) report showed that the sector is still robust.
The index for September was 55.1. Economists had estimated a reading of 55.6, unchanged from August.
The report showed that hiring remained strong, although it is lower year-on-year. Business activity and incoming new work also rose at slower rates.
"The US economic growth slowed in the third quarter according the PMI surveys, down to around 2.2%," wrote Markit chief economist Chris Williamson in the release. "But this largely represents a payback after growth rebounded in the second quarter, suggesting that the economy is settling down to a moderate rate of growth in line with its long term average."
(Markit Economics)
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