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United States PMI September 2022

United States: Composite PMI increases in September

The S&P Global Flash Composite Purchasing Managers’ Index (PMI) came in at 49.3 in September, up from August’s 44.6. As such, the index moved closer to the 50.0 no-change threshold, signaling a softer deterioration in private sector operating conditions compared to the previous month.

The Manufacturing PMI came in at 51.8 in September, up from August’s 51.5, while the services PMI activity index increased to 49.2 in September (August: 43.7). The slower downturn in private-sector activity in September was driven by a rebound in new orders. Moreover, cost pressures and supply constraints eased in the month, while business optimism for the 12-month outlook improved. However, new export orders continued to contract, and employment growth slowed.

September data points to resilient economic activity, and should allay fears that the economy is currently in a steep downturn. However, the economy will almost inevitably lose steam ahead as the Fed continues its aggressive tightening path.

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