9/21/2018, 3:46 PM (Source: TeleTrader)
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US private sector growth slows in September

Private sector showed the slowest growth since April 2017 in September, with the seasonally adjusted Flash US Composite Purchasing Managers Index (PMI) at 53.4, from August's 54.7, a report by the IHS Markit said on Friday. The slowdown in output growth was attributed to trends in the service sector, while manufacturing showed an accelerated rise, the release noted. In part, Hurricane Florence influenced overall output as some firms in areas hit by the natural disaster had to temporarily close, according to the report.

Services PMI was down 1.9 points to 52.9 in September, the lowest growth rate in one and a half years. At the same time, manufacturing PMI went up from 54.7 in August to 55.6 in the last reported month, the highest figure since May.

"With storms hitting the east coast, it was no surprise to see some disappointing survey data in September, with the flash PMI indicating that the pace of economic growth slipped to its lowest for almost one-and-a-half years," said Chris Williamson, Chief Business Economist at IHS Markit. "However, business activity remained encouragingly resilient during the month, commensurate with third-quarter GDP growing at an annualized rate approaching 3%," he added.

Breaking the News / NI