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US services PMI slips to 54.9 in September
The ISM Prices Index rose to 74.0, its highest level since July 2022, as fuel costs, tariffs, and supply constraints pushed prices higher.
The US services sector expanded in September but at a slower pace, with the Institute for Supply Management reporting its Services PMI fell to 54.9 from 55.4.
ISM said business activity declined 5.2 points to 56.5 and employment edged back above the 50 dividing line to 50.1 after two months of contraction, while new orders eased to 59.8.
Backlogs increased to 56.6, the highest reading since July 2022, and ISM noted that growth broadened to 13 industries expanding versus 12 in August.
On prices, the ISM Prices Index rose to 74.0, its highest level since July 2022, and respondents cited fuel costs most often, along with tariffs and supply constraints, while supplier deliveries slowed.