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United States PMI September 2023

United States: Composite PMI falls in September

The S&P Global Flash Composite Purchasing Managers’ Index (PMI) came in at 50.1 in September, down from August’s 50.2. September’s result marked the worst performance since February. As such, the index remained above the 50.0 no-change threshold, pointing to a continued, albeit moderating, improvement in private sector operating conditions from the previous month.

Meanwhile, the Manufacturing PMI stood at 48.9 in September, up from August’s 47.9. Lastly, the Services PMI decreased to 50.2 in September (August: 50.5). New orders fell across the private sector as a whole in September, while cost pressures intensified and business confidence dipped.

It should be noted that the correlation between the Composite PMI and overall GDP has not been strong in recent quarters: As such, despite weak PMI readings for Q3 as a whole, rapid GDP growth is expected by our panelists in the period.

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