September PMI Composite marginally lower from prior level on slower business expansion

September U.S. PMI Composite Index (Final): 55.0 vs. 54.5 consensus and 55.4 prior.

 

• This indicates a slower expansion in private sector business activity; rate of growth was the softest in a year amid slower upturns in both monitored sectors.
• New business increased further during September, but the rate of expansion eased to the slowest in nine months; manufacturers and service providers alike registered softer upticks in client demand.
• Services Index: 54.9 vs. 54.4 consensus, 55.1 prior
• Output growth remained strong overall, despite softening to the slowest in nine months.
• Service providers signaled a solid upturn in new business during September, as firms noted the acquisition of new clients and further customer demand supported sales.
• Business expectations regarding the outlook for activity over the coming 12 months improved during September.