US ISM Services PMI dropped slightly from 56.9 to 56.7 in September, above expectation of 56.0. Looking at some details, business activity/production dropped from 60.9 to 59.1. New orders dropped from 61.8 to 60.6. Employment rose from 50.2 to 53.0. Prices dropped from 71.5 to 68.7.
ISM said: “The services sector had a slight pullback in growth for the month of September due to decreases in business activity and new orders. Employment improved and supplier deliveries slowed at a slightly slower rate.
“Based on comments from Business Survey Committee respondents, there have been improvements regarding supply chain efficiency, operating capacity and materials availability; however, performance remains less than ideal. Employment continued to improve despite the restricted labor market.”
