Economic activity in the services sector expanded in September for the ninth consecutive month as the Services PMI® registered 53.6 percent, say the nation's purchasing and supply executives in the latest Services ISM® Report On Business®. The sector has grown in 39 of the last 40 months, with the lone contraction in December 2022. The report was issued today by Anthony Nieves, CPSM, C.P.M., A.P.P., CFPM, Chair of the Institute for Supply Management® (ISM®) Services Business Survey Committee: "In September, the Services PMI® registered 53.6 percent, 0.9 percentage point lower than August's reading of 54.5 ... (full story)

Despite the plunge in 'hard' data in September, the Manufacturing PMI rose to six-month highs (but still sub-50). However, more notably, the Services PMI tumbled to 50.1 (barely in expansion), its lowest level since January. ISM Services - for once - agreed with PMI Services, sliding to 53.6...with new orders plunging and employment tumbling and prices sticky. As the PMI survey noted, In line with another substantial uptick in cost burdens, service providers hiked their selling prices in September. The pace of charge inflation accelerated to the fastest since July as firms sought to pass through greater costs to ... (full story)