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Mixed Details For Preliminary PMIs, With Softer Services More Notable

US DATA
  • Services missed, at 50.2 (cons 50.7) in Sept for a small dip from 50.5
  • Manufacturing beat, at 48.9 (cons 48.2) in Sept for a larger than expected climb from 47.9.
  • The greater weight of services meant the composite missed, at 50.1 (cons 50.4) after 50.2.
Highlights from the S&P Global press release (full here): cost pressures tick higher but limited ability to hike selling prices, whilst there is a quicker rise in employment growth but it may not be sustained.
  • Inflation: “Cost pressures ticked higher again, as input prices rose at a marked pace. Nonetheless, the rate of cost inflation was much softer than those seen on average throughout the last three years. Firms continued to pass through higher costs to clients, but weak client interest stymied their ability to hike selling prices as the pace of increase matched that seen in August.”
  • Labor market: “Subdued demand did not translate into overall job losses in September as a greater ability to find and retain employees led to a quicker rise in employment growth. That said, the boost to hiring from rising candidate availability may not be sustained amid evidence of burgeoning spare capacity and dwindling backlogs which have previously supported workloads.”
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