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US Non-Manufacturing PMI fell to the six-year low

Tuesday, Sep 06 2016

America’s service industries expanded in August at the weakest pace in six years, joining manufacturers in an abrupt slowdown that may signal waning optimism about the economy. The Institute for Supply Management’s non-manufacturing index slumped to 51.4, the lowest since February 2010, from 55.5 in July, the Tempe, Arizona-based group’s report showed Tuesday. While a reading above 50 indicates the industries that make up almost 90 percent of the economy are expanding, the figure is lower than the most pessimistic projection in a Bloomberg survey.

Measures of orders and business activity skidded by the most since 2008, when the U.S. was in a recession, and an employment index moved closer to stagnation. Following the group’s factory survey, which showed manufacturing unexpectedly contracted, and separate figures indicating hiring cooled in August, the services slowdown raises questions about the economy’s strength, adding to the case for the Federal Reserve to hold off on raising interest rates this month.

 

Euro is currently being traded around 1.1250 handle, Sterling is at 1.3430 level, while Aussie is around 0.7680 area.

More in this category: « German Factory Orders increased by 0.2% Australian GDP grew by 0.5% in Q2 »

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