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Services PMI Shows Further Price Pressures

US DATA
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US services PMI was 50.1 (vs 50.2 flash; 50.5 prior). The composite print was 50.2 (vs 50.1 flash; 50.2 prior). Key notes from the release are:

  • "September data indicated a continued decline in new business at service sector firms"…"lower new orders were reportedly linked to weak domestic and foreign client demand".
  • "Alongside efforts to clear backlogs, firms noted that greater workforce numbers on the month were often due to the replacement of previous voluntary leavers".
  • "Input costs rose at a further marked pace, with the rate of inflation similar to that seen in August"…"higher energy, fuel, wage and food costs drove the latest increase in business expenses".
  • "In line with another substantial uptick in cost burdens, service providers hiked their selling prices in September".
  • "Service sector businesses expressed positive expectations regarding the outlook for output over the coming year".

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US services PMI was 50.1 (vs 50.2 flash; 50.5 prior). The composite print was 50.2 (vs 50.1 flash; 50.2 prior). Key notes from the release are:

  • "September data indicated a continued decline in new business at service sector firms"…"lower new orders were reportedly linked to weak domestic and foreign client demand".
  • "Alongside efforts to clear backlogs, firms noted that greater workforce numbers on the month were often due to the replacement of previous voluntary leavers".
  • "Input costs rose at a further marked pace, with the rate of inflation similar to that seen in August"…"higher energy, fuel, wage and food costs drove the latest increase in business expenses".
  • "In line with another substantial uptick in cost burdens, service providers hiked their selling prices in September".
  • "Service sector businesses expressed positive expectations regarding the outlook for output over the coming year".