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Economic news
23.09.2024

U.S. private sector business activity continues to expand in September, - S&P Global’s survey

Preliminary data issued by S&P Global on Monday revealed that U.S. private sector business activity grew in early September albeit at a marginally slower pace than in the previous month, reflecting weaker growth in services sector and deeper contraction in manufacturing. 

According to the report, S&P Global flash U.S. Composite Purchasing Manager's Index (PMI) Output Index came in at 54.4 early this month, slightly down from 54.6 in August. The latest reading signalled a sustained economic expansion over the third quarter. Economists had expected the composite PMI to decrease to 54.3.

A reading above 50 signals an expansion in activity, while a reading below this level signals a contraction.

S&P Global flash services PMI checked in at 55.4 in September, down from 55.7 in August. The latest reading indicated that the rate of increase in activity across service sector was the second-highest seen over the past 29 months. Economists had forecast the services PMI to slip to 55.3.

Meanwhile, S&P Global flash manufacturing PMI dropped to 47.0 in September from 47.9 in the previous month. The latest print pointed to the steepest deterioration in manufacturing sector activity since June 2023. Economists had anticipated the manufacturing PMI to increase to 48.5. 

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