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S&P Global PMI shows services growth accelerated in September
The services PMI rose to 58.8 from 56.5 in August, with new orders hitting a four-and-a-half-year high.
S&P Global reported that its services-sector growth accelerated sharply in September, lifting the services PMI to 58.8 from 56.5 in August.
The composite PMI also rose to 58.4 in September, above the 58.4 level from the preliminary estimate, and marked the strongest expansion in overall business activity in over five years.
S&P Global said new-order growth reached a four-and-a-half-year high and companies increased hiring, even as unfinished business accumulated at a faster pace.
The report also pointed to renewed inflation pressure, with higher gasoline and transportation costs plus increased labor costs driving an acceleration in input cost inflation after easing in August, according to S&P Global.
Latest closeGasoline (RBOB) $3.312 ▼2.7%