US DATA
The S&P Global US flash PMIs held up much better than was the case in this morning’s European results, with a composite slightly higher than expected and only easing marginally on the month (EZ composite at 48.9 vs cons 50.5 after 51.0, UK composite at 52.9 vs cons 53.5 after 53.8). See the full press release here.
- Manufacturing: 47.0 (cons 48.6) in Sept prelim after 47.9 in Aug
- Services: 55.4 (cons 55.2) after 55.7
- Composite: 54.4 (cons 54.3) after 54.6
- “[G]rowth disparities persisted. A further solid expansion of the service sector contrasted with a second successive month of modestly falling output in the manufacturing sector.”
- “A moderation of order book growth and a deterioration in business expectations for the year ahead to a near two-year low meanwhile reflected heightened uncertainty ahead of the Presidential Election. Companies consequently held back on hiring and allowed employment to fall for a second successive month.”
- “Prices charged rose at the fastest rate for six months, pushed higher by input cost growth accelerating to a one-year high. The acceleration of selling price inflation was common across goods and services, in both cases hitting six-month highs. Service sector input cost growth notably struck a 12-month high, linked to reports of wage growth."
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