U.S. September services PMI preliminary 53.9…below market expectations

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Summary

The U.S. September services Purchasing Managers' Index (PMI) preliminary came in at 53.9, below the market expectation of 54.
PMI is a major economic indicator that gauges expansion and contraction in the services sector using 50 as the baseline.
This preliminary is released before the final figure and is used to quickly assess the market's economic conditions.

The U.S. September services Purchasing Managers' Index (PMI) was below market expectations.

According to the PMI report released by S&P Global on the 23rd (local time), the U.S. September services Purchasing Managers' Index (preliminary) was 53.9, below the market expectation (54).

The PMI uses 50 as the baseline to gauge expansion or contraction in the services sector.

Meanwhile, the preliminary PMI is released before the final PMI published at the end of the month and is used as an indicator to quickly assess economic conditions.