US Service Activity Growth Slows in September
The IHS Markit US Services PMI fell to 54.6 in September 2020 from a 17-month high of 55.0 in the previous month and slightly below market expectations of 54.7, a preliminary estimate showed. New business growth was the strongest for 18 months, with new business from abroad rising at a steep rate. Meanwhile, employment continued to increase solidly, albeit at a softer pace than in August following a slower upturn in backlogs of work. On the prices front, service providers increased their selling prices steeply in September alongside a sharp rise in cost burdens. Looking ahead, business confidence moderated amid election and COVID-19 uncertainty.
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