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PMIs Show New Orders Growing, But Uncertainty Over Election/COVID

DATA REACT

US Sept flash PMI figures were right in line with market expectations. A few notes from the IHS Markit release, in terms of the overall composite numbers:

  • New orders grew at the fastest rate since 2019, with "recovery in foreign client demand, notably for services, although the overall pace of new export order growth eased following a slowdown in manufacturers' foreign sales."
  • Backlog accumulation slowed, "largely due to recent hiring".
  • Private sector firms remained optimistic re 12-month output expectations, "but the overall degree of confidence dropped to a four-month low. Election uncertainty and the ongoing pandemic reportedly weighed on sentiment."
  • Average selling prices rose at the fastest pace since Oct 2018, "amid a further sharp increase in cost burdens."
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