U.S ISM Non-manufacturing PMI registered 61.6 percent, which is 3.1 percentage points higher than the August reading

The ISM Non-manufacturing PMI registered 61.6 percent, which is 3.1 percentage points higher than the august reading of 58.5 percent. This represents continued growth in the non-manufacturing sector at a faster rate and is an all-time high for the MNI since the inception of the composite index in 2008.

What respondents are saying:

• "[additional] logistics costs, both inbound and distribution, caused by increased governmental regulation, and a shortage of class-a drivers is leading to a significant increase in [the] cost of goods [sold]." (accommodation & food services)

• "new residential construction market is still strong, with a good backlog of orders. Labor shortages and tariffs on materials continue to negatively weigh on earnings." (construction)

• "economy continues to exhibit strength. New construction, both residential and commercial, abounds. Harvest [is] about over. Overall, results appear promising. Every day is a bit better than the last." (finance & insurance)

• "business activity has been slightly higher than normal, though pharmaceutical costs continue to put pressure on profitability." (health care & social assistance)