US: ISM Services PMI rises to 57.8 in September vs. 56.3 expected
- ISM Services PMI rose more than expected in September.
- US Dollar Index stays deep in the red near 93.40 after the data.
The economic activity in the US' service sector continued to expand at a robust pace in September with the Institute for Supply Management's (ISM) Services PMI arriving at 57.8. This reading came in better market expectation and August's print of 56.3 and 56.9, respectively.
Further details of the publication revealed that the New Orders Index climbed to 61.5 from 56.8, the Employment Index edged higher to 51.8 from 47.9 and the Prices Paid Index declined to 59 from 64.2.
Commenting on the data, "respondents' comments remain mostly optimistic about business conditions and the economy, which correlates directly to those businesses that are operating," said Anthony Nieves, Chair of the Institute for Supply Management (ISM) Services Business Survey Committee. "There continue to be capacity and logistics issues, as business volumes have increased."
Market reaction
The US Dollar Index showed no immediate reaction to this report and was last seen losing 0.42% on a daily basis at 93.42.
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
