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US service sector stagnates in September, as demand conditions wane further
The US services economy saw a subdued end to the third quarter, as business activity stagnated amid weak demand conditions, according to the latest PMI™ data from S&P Global. Broadly unchanged levels of business activity stemmed from a second successive monthly drop in new orders, arising from weaker domestic and foreign client demand. Companies depleted their backlogs of work at the fastest pace since November 2022 in order to sustain current business activity levels. Nonetheless, firms continued to build workforce numbers amid strong output expectations for the year ahead. Input costs rose at a marked pace that ... (full story)