Summary
- The U.S. September ISM non-manufacturing purchasing managers index (PMI) came in at 54.9, below the market forecast of 55.1.
- The September ISM services PMI fell from the previous reading of 55.4, but remained above 50, signaling continued economic expansion.
- A weaker-than-expected ISM services PMI is generally interpreted as negative for the dollar.
U.S. services sector activity in September was slightly weaker than markets had expected.
The Institute for Supply Management's non-manufacturing purchasing managers index, or PMI, came in at 54.9 in September, data released on October 5 showed. That was below the market forecast of 55.1 and down from the previous reading of 55.4.
The ISM services PMI tracks business activity, new orders, employment and supplier deliveries to gauge conditions in the U.S. services sector. A reading above 50 signals expansion, while a reading below 50 indicates contraction.
In general, a reading above market expectations is viewed as positive for the dollar, while a weaker-than-expected figure is interpreted as negative.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.