S&P Global reported that the purchasing managers’ index (PMI) for the U.S. services sector rose to 49.3 in September from 43.7 in August, above the preliminary reading of 49.2.
The PMI is below 50, indicating that the service sector in the U.S. is contracting for the third month in a row.
The PMI was hurt by a slowdown in employment, but was driven by an increase in new orders, while business confidence rebounded to its highest level in four months.