The US PMIs from S&P Global will be released at 9:45 am ET.
- The services survey is expected to slip to 49.8 from 50.1
- The manufacturing survey is expected at 49.5 vs 49.8 previously
At 10 am ET, the focus will stay on manufacturing with the Richmond Fed.
I’ll be closely watching the services indicator in the S&P Global survey. The most-recent survey hinted at a weaker Q4 and the biggest contraction in new orders since December 2022:
“The final PMI data for September add to indications
that the US economy has started to cool again after a
resurgence of growth earlier in the summer. Inflationary
pressures in the service sector meanwhile remain
uncomfortably sticky.
“The biggest change in recent months has been the
waning in demand for consumer services, such as travel,
tourism and recreation, along with a slump in financial
services activity.