Analysts at ANZ note that the US ISM non-manufacturing composite rose to its highest level in 10 years as business activity, new orders and employment all rose.
“Notably, prices paid picked up to well above the six month average. This adds to the regional Fed surveys and pick-up in manufacturing ISM prices. There was also a pick-up in supplier delivery times, which tends to indicate rising pricing pressures (both supply and demand-side driven) to 58 (last: 50.5). It was really a strong number all around. Separately, ADP employment figures came in on market expectations. Meanwhile in the UK the September services PMI rose to 53.6 vs 53.2, driven mainly by rising price components, while European retail sales disappointed.”
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