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Economic activity in US services sector up for 16th month in row

By October 06, 2021 1616
Economic activity in US services sector up for 16th month in row

Economic activity in the US' services sector grew in September for the 16th month in a row, according to the results of the services business survey released by the Institute for Supply Management (ISM) on Tuesday.

The ISM non-manufacturing purchasing managers' index (PMI), which indicates the overall economic condition of the sector, increased 0.2 percentage points from the previous month to 61.9% in September.

The market expectation was for a 60% reading, while the index had been at 61.7% in August.

The ISM's business activity index was 62.3% last month, an increase of 2.2 percentage points from the August reading of 60.1.

Its services employment index, on the other hand, came at 53% in September, down 0.7 percentage points from 53.7 percent in August./aa

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