US ISM Services PMI fell from 54.5 to 53.6 in September, matched expectations. Looking at some details, business activity/production rose from 57.3 to 58.8. New orders dropped sharply from 57.5 to 51.8. Employment dropped from 54.7 to 53.4. Prices was unchanged at 58.9.
ISM said: “The past relationship between the Services PMI and the overall economy indicates that the Services PMI for September (53.6 percent) corresponds to a 1.3-percent increase in real gross domestic product (GDP) on an annualized basis.”
