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US services prices gauge hits four-year high as Bitcoin rate outlook dims
The ISM services prices index rose to 74.0 in September, the highest since July 2022, while the headline services PMI slipped to 54.9.
The US services prices gauge reached a four year high in September, with the Institute for Supply Management setting its services prices index at 74.0, up from 72.6 in August, according to CryptoSlate.
The same ISM survey showed the headline services PMI easing to 54.9 from 55.4, and business activity dropping to 56.5 from 61.7, while employment rose from 47.8 to 50.1, returning to slight expansion.
CryptoSlate said the combination of slowing growth and more widespread reports of rising input costs could keep leveraged Bitcoin positions facing restrictive financing conditions.
The outlet also noted that ISM's prices gauge is a diffusion index that indicates the direction and breadth of input cost changes, and it does not estimate the size of price increases or map directly to a consumer inflation rate.
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