ISM's non-manufacturing PMI dips to 56.7 in September
The Institute of Supply Management's non-manufacturing PMI dipped from 56.9 in August to 56.7 in September, beating forecasts for a print of 56 and above its historical average of 55.
September's drop was principally a result of a slowdown in business activity, down from 60.9 to 59.1, and new orders, dropping to 60.6 from 61.8, that offset the effects of improved employment, up from 50.2 at 53, and easing price pressures, down at 68.7 from 71.5.
The supplier deliveries index came in at 53.9 in September, 0.6 lower than the 54.5 percent reported in August.
"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", said ISM chair Anthony Nieves.
Reporting by Iain Gilbert at Sharecast.com