S&P Global’s preliminary US composite PMI for September was 54.4, down from 54.6 in August. Economists had expected indexes of activity in both the services and manufacturing sectors to decline slightly.
According to the services sector of S&P’s report, the index stood at 55.4 this month, down from 55.7 in August. Meanwhile, manufacturing activity remained weak, dropping to 47 from 47.9 in the previous month, the lowest level in 15 months.
When these indices exceed 50, it represents expansion in this sector. A reading below 50 indicates shrinkage.
Chris Williamson, chief business economist at S&P Global Market Intelligence: “This shows that the economy continues to grow at a steady pace.” In the release.
The survey’s future production index, which signals optimism about production in the year ahead, was at its lowest level since October 2022.
“Uncertainty surrounding the presidential election has dampened business confidence, demand, employment and investment, casting a shadow on many businesses’ outlook for the year ahead,” Williamson said.
