The U.S. service sector increased slightly slower in September than it did in August, with the ISM Services PMI falling to 56.7 from 56.9. On the other hand, this figure was higher than the market forecast of 56.
What Does the ISM Services PMI Say?
According to the publication’s further statistics, the Employment Index increased to 53 from 50.2, and the Prices Paid Index decreased to 68.7 from 71.5. Finally, the New Orders Index fell from 61.8 to 60.6.
Anthony Nieves, CPSM, C.P.M., A.P.P., CFPM, Chair of the Institute for Supply Management (ISM®) Services Business Survey Committee, released the findings today: “The Services PMI recorded 56.7 percent in September, 0.2 percentage point lower than August’s reading of 56.9 percent. The Business Activity Index was 59.1 percent in September, down 1.8 percentage points from 60.9 percent in August. The New Orders Index score of 60.6 percent is 1.2 percentage points lower than the figure of 61.8 percent in August.
“The Supplier Deliveries Index was 53.9 percent, 0.6 percentage points lower than the previous month’s reading of 54.5 percent. (The only inversed ISM® Report On Business® indicator is Supplier Delivery; a number over 50% suggests slower deliveries, which is usual as the economy improves and consumer demand rises.)
The Market’s Response
Following this announcement, the U.S. Dollar Index continued its climb and was last seen up 1.3% on the day at 111.62.
About ISM Services PMI
The ISM Services PMI (previously the ISM Non-Manufacturing Index) offers a thorough analysis of the economy from a non-manufacturing perspective.
The full-text version of the Services ISM® Report On Business® is available on the I.S.M. website www.ismrob.org on the third business day* of each month after 10:00 a.m. E.T.
The next Services ISM® Report On Business® with October 2022 data will be issued on Thursday, November 3, 2022, at 10:00 a.m. E.T.
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Author Okoro Chinedu 
