9/22, 3:46 PM (Source: TeleTrader)
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US business activity at 7-month low in September

The United States Purchasing Managers' Index (PMI) Composite Output Index, which calculates the combined results achieved in services and manufacturing sectors, came in at 50.1 in September, declining from August's 50.2 and reaching the seven-month low, S&P Global said in its preliminary report published on Friday.

Meanwhile, the flash report predicted the Services Business Activity Index to drop from August's 50.5 and land at its eight-month low of 50.2. On the other hand, the Manufacturing Output Index and the Manufacturing PMI are both expected to reach their two-month highs of 49.7 and 48.9, respectively.

"PMI data for September added to concerns regarding the trajectory of demand conditions in the US economy following interest rate hikes and elevated inflation," S&P Global Market Intelligence Principal Economist Sian Jones commented. "The service sector lost further momentum, with the contraction in new orders gaining speed."

Baha Breaking News (BBN) / JR