US ISM Manufacturing Index Falls to 49.1 in September
The September reading of 50, below expectations, signals a slowdown in the US services sector as business activity growth stagnates.
Summary
The US ISM Non-Manufacturing PMI for September came in at 50, below the anticipated 51.7 and lower than the previous month's 52. This indicates a slowing expansion in the services sector, with business activity showing signs of stagnation.
Terms & Concepts
- ISM Non-Manufacturing PMI: An economic indicator from the Institute for Supply Management that measures the economic health of the services sector, where readings above 50 indicate expansion and those below indicate contraction.
- PMI (Purchasing Managers' Index): An economic indicator that gauges the economic health of the manufacturing and services sectors based on survey responses from purchasing managers in these industries.