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Economic activity in the services sector expanded in September for the 16th consecutive month.
Source: ISM
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The Services PMI recorded 61.9 percent, 0.2% higher than the reading of 61.7 percent in August. The September reading signals the 16th straight month of growth for the services sector.
The small jump in the rate of expansion in the month of September continued to the current period of strong growth for the services sector. But, ongoing challenges are affecting the continuity of supply.
The Business Activity Index posted 62.3 percent in September, increasing 2.2 percentage points from the August reading of 60.1 percent.
New orders posted 63.5 percent, a 0.3 percentage point jump from the August reading of 63.2 percent. An increase in new customers led to improved sales orders, and business activity and new orders had increased due to pent-up demand coming online.
Employment activity in the services sector also expanded in September for the 3rd consecutive month after slipping in June due to employees quitting to look for better-paying jobs.
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