US services PMI slides to 54.6 in September - IHS Markit
The service sector in the United States slightly declined on a monthly basis but remained in the positive territory in September, according to the IHS Markit's flash estimate that was released on Wednesday. The Services PMI Business Activity Index was reported at 54.6, decreasing from 55 in August to miss analysts' expectations.
Meanwhile, The Composite Output Index landed at 54.4 in the same month, down from 54.6 recorded in August, while The US Manufacturing PMI climbed by 0.4 index points month-over-month to 53.5 in September.
"US businesses reported a solid end to the third quarter, with demand growing at a steepening rate to fuel a further recovery of output and employment. The question now turns to whether the economy's strong performance can be sustained into the fourth quarter," Chris Williamson, Chief Business Economist at IHS Markit, said in a statement. He added that coronavirus infection rate and uncertainty related to the US presidential election remained the main concerns looming over the country's recovery from the crisis.