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9/23, 3:51 PM (Source: TeleTrader)
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US composite PMI down to a 12-month low in Sept.

The private sector firms in the United States achieved a solid expansion during September, but at a slower pace than the rest of the year, with the Composite Output Index hitting a 12-month low at 54.5, down from 55.4 in August. Similarly, the rate of output growth was the softest since September 2020, marking a notable slowdown in the expansion of the service sector activity.

Simultaneously, the upturn in the service sector new business also slowed to a 14-month low, amidst COVID-19-related challenges, with the Services Business Activity Index standing at 54.4, compared to 55.1 in August.

The manufacturing PMI hit a 5-month low at 60.5, while the Manufacturing Output Index stood at an 11 month low at 55.2. "While new export orders increased at a faster pace, the improvement was confined to manufacturing. Service providers registered a solid decline in exports as ongoing virus restrictions continued to impede activity," explained IHS Markit Senior Economist Sian Jones.

Breaking the News / TT