Market news
05.10.2020, 14:14

U.S. non-manufacturing sector’s growth unexpectedly accelerates in September - ISM

The Institute for Supply Management (ISM) reported on Monday that its non-manufacturing index (NMI) came in at 57.8 in September, which was 0.9 percentage point higher than the August reading of 56.9 percent. The reading represented growth in the services sector for the fourth straight month after the contraction in April and May.

Economists forecast the index to decrease to 56.3 last month. A reading above 50 signals expansion, while a reading below 50 indicates contraction.

Of the 18 manufacturing industries, 16 reported increases last month, the ISM said, adding that respondents' comments remained mostly optimistic about business conditions and the economy, which correlated directly to those businesses that were operating.

According to the report, the ISM’s non-manufacturing Business Activity measure rose 0.6 percentage point to 63.0 percent from August’s figure, the New Orders gauge jumped 4.7 percentage points to 61.5 percent from August’s reading and the Employment Index increased 3.9 percentage points to 51.8 percent from the August reading. Meanwhile, the Prices Index fell 5.2 percentage points to 59.0 percent from August’s reading, the Supplier Deliveries Index dropped 5.6 percentage points to 54.9 percent from August’s figure and the Backlog of Orders Index declined 6.5 percentage point to 50.1 percent from the August reading.

Commenting on the data, the Chair of the ISM Non-Manufacturing Business Survey Committee, Anthony Nieves, noted, “The past relationship between the Services PMI and the overall economy indicates that the Services PM for September (57.8 percent) corresponds to a 3.2-percent increase in real gross domestic product (GDP) on an annualized basis.”

© 2000-2024. All rights reserved.

This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.

AML Website Summary

Risk Disclosure

Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.

Privacy Policy

Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.

Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.

Bank
transfers
Feedback
Live Chat E-mail
Up
Choose your language / location