Finance & Business / Report
Services expand while hiring and cost pressure rise
Liz Ann Sonders compared September manufacturing and services surveys on October 6. ISM services PMI eased to 54.9 from 55.4; manufacturing slipped to 54.5 from 54.6. Both remained above 50. The services report was released October 5 and describes September.
Services new orders fell to 59.8 from 60.9 and business activity to 56.5 from 61.7. Employment rose from 47.8 to 50.1, returning to expansion after two contracting months. Prices increased to 74 from 72.6; supplier deliveries rose to 53.2 from 51.3, indicating slower deliveries.
These diffusion indexes measure the breadth of reported changes. They do not mean output grew 54.9% or inflation reached 74%. Expansion, better hiring and persistent supply pressure coexist here. The survey alone cannot determine interest-rate decisions or market returns.
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