The US manufacturing industry Purchasing Managers Index (PMI) increased by 1 point monthly in September, exceeding market expectations.
S&P Global announced the US’s leading manufacturing, services and composite PMI data for September.
Accordingly, the manufacturing industry PMI increased by 1 point to 48.9 in September compared to the previous month.
The index, which increased above market expectations and reached its highest level in 2 months, was expected to reach 48 in this period.
The index, which indicates that the contraction in the manufacturing sector continues despite the increase in this period, was 47.9 in August.
SERVICE SECTOR IS BELOW EXPECTATIONS
The service sector PMI in the USA decreased by 0.3 points in September compared to the previous month, falling to 50.2.
It was estimated that the index, which was below market expectations and fell to the lowest level in 8 months, would reach 50.6.
The index, which shows that the expansion in the service sector continues despite the decline in this period, was recorded as 50.5 in August.
Composite PMI, which includes the manufacturing and service sectors, also decreased by 0.1 points on a monthly basis to 50.1 in September. The index, which fell to its lowest level in 7 months during the said period, was 50.2 in August.
CONCERNS CONTINUE TO INCREASE
S&P Global Market Intelligence Chief Economist Sian Jones, whose views were included in the statement, stated that September PMI data increased concerns about the course of demand conditions in the US economy following interest rate increases and rising inflation.
Pointing out that the service sector has lost further momentum, Jones said, “Inflationary pressures remained evident, with costs increasing rapidly again.” he said.
PMI data readings of 50 and above indicate expansion in the sector, and values below 50 indicate contraction.