Markets

Markit services PMI falls in line with expectations

Read in app
robot waiter
ChinaFotoPress/Getty

Markit's flash reading of the US services purchasing manager's index was 55.6 for September, in line with expectations.

In August, the index was 56.1.

According to the release, some business owners became less confident in the economic outlook and so were reluctant to take on new projects.

The report also noted that the pace of business activity growth slowed to a three-month low. Average prices fell for a second straight month.  

Relative to the manufacturing sector, the services industry been much stronger. 

Markit chief economist Chris Williamson wrote, "Business optimism slumped to one of the lowest levels seen since the global financial crisis, inflows of new business rose at the weakest rate for eight months and job creation slipped to a six-month low. Growth is also becoming increasingly reliant on the services economy as manufacturers struggle against the strong dollar and weak demand in export markets."

Screen Shot 2015 09 25 at 9.50.34 AM
Markit

Read next

Akin Oyedele's face on a gray background
Akin Oyedele
Akin edits flagship newsletters including First Trade and Tech Memo, as well as weekly topical roundups of Business Insider's coverage including Defense Flash. He also provides editorial support for the development and launch of new newsletters.    Prior to this role, he was a markets reporter for over a decade and edited Business Insider's investing coverage. He covered bonds and FX at Bloomberg before joining BI in 2014.