The business activity in the US service sector stagnated in September, with the Institute for Supply Management's (ISM) Services Purchasing Managers Index (PMI) declining to 50 from 52 in August. This reading came in below the market expectation of 51.7.
The Employment Index of the PMI survey edged higher to 47.2 from 46.5 in August, while the Prices Paid Index, the inflation component, rose to 69.4 from 69.2.
Assessing the survey's findings, "September's Services PMI level returned to numbers very similar to May and July, with weakness in business activity and continued weakness in employment," said Steve Miller, Chair of the ISM Services Business Survey Committee. "Employment continues to be in contraction territory, thanks to a combination of delayed hiring efforts and difficulty finding qualified staff."
Market reaction to ISM Services PMI data
The US Dollar (USD) stays under modest bearish pressure following this report. At the time of press, the USD Index was down 0.2% on the day at 97.67.
Source: Fxstreet.com
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