- Prior month manufacturing PMI 47.9. Services PMI 50.5
- Manufacturing PMI 48.9 versus 48.0 estimate
- Services PMI 50.2 versus 50.6 estimate
- Composite PMI 50.1 versus 50.2 last month
Mixed report vs expectations. Manufacturing remains below the 50 level indicative of contraction. Services remain just above the 50.0 level as it clings to growth.
The services PMI recent high came in at 54.9 in May.
Overview comments from S&P global
- US businesses experienced widespread stagnation in output at the end of Q3.
- Both manufacturers and service providers reported subdued demand.
- September’s data showed the poorest performance in the private sector since February.
- The service economy’s momentum continued to wane.
- New orders saw their most significant decline of the year, with service demand notably contracting.
- Manufacturers reported a decrease in new sales, though it was less severe.
- Input costs increased, leading to heightened cost pressures.
- The inflation rate of costs was milder compared to the three-year average.
- Despite rising costs, firms struggled to raise selling prices due to weak client interest, maintaining the same pace as in August.