US Service Sector Growth Solid in September; Price Pressures Easing: ISM Survey

US Service Sector Growth Solid in September; Price Pressures Easing: ISM Survey
Customers drink and dine inside the restaurant "Martha" after showing proof of their coronavirus disease (COVID-19) vaccinations upon entering, in Philadelphia, Pa., on Aug. 7, 2021. Hannah Beier/Reuters
Reuters
Updated:

WASHINGTON—The U.S. services industry slowed modestly in September, while employment surged and a measure of prices paid by businesses for inputs fell to more than a 1–1/2-year low, suggesting underlying strength in the economy despite rising interest rates.

The Institute for Supply Management (ISM) said on Wednesday its non-manufacturing PMI dipped to a reading on 56.7 last month from 56.9 in August. Economists polled by Reuters had forecast the non-manufacturing PMI falling to 56.0.