S&P Global reported that the U.S. manufacturing and services Purchasing Managers’ Index (PMI) rose to 49.3 in September, its highest level in three months, from 44.6 in August. The PMI remains below 50, indicating that the U.S. business sector is in a contraction phase for the third consecutive month.
However, the PMI was supported by a rise in new orders and employment, while business confidence rebounded to its highest level in four months.
The preliminary manufacturing PMI was at a 2-month high of 51.8, up from 51.5 in August.
The services PMI reached 49.2, the highest level in three months, up from 43.7 in August.