USA ISM Non-Manufacturing PMI

The US service economy remained elevated in September, as output and new orders continued to support job creation, but the pace of growth moderated from the previous month’s record high.

The Institute for Supply Management’s gauge of national service activity declined to 58.6 from 59.6, which was the highest reading since the survey’s inception in January 2008. A median estimate of market analysts called for a decrease to 58.5.

The US service economy has been above the 50 mark that separates expansion from contraction for 56 consecutive months. The national gauge had reached a record high in each of the previous two months.

Twelve non-manufacturing industries expanded last month, led once again by the construction sector. Retail trade and utilities also registered strong gains. Five industries reported declines last month, led by arts and entertainment, mining, and educational services.

Overall business activity eased in September, but maintained its robust growth pace. Thirteen major service sub-sectors reported growth, led by retail trade, utilities, and information services. Four industries reported declines last month, ISM data showed.

New orders increased sharply in September, albeit at a slower rate than the previous month. New orders growth was led by utilities, information, and retail trade. In total, 12 services industries reported growth last month.

New export orders increased in September for the sixth...