US services PMI gains better than forecast

According to the American Institute for Supply Management (ISM), the index of business activity in the US services sector in September rose to 57.8%. The indicator for August was noted at 56.9%. Analysts had forecast a decline to 56.3%.

The employment index in the country's services sector in September rose to 51.8% from 47.9% in August.

The purchasing managers' index (PMI) for services, calculated by IHS Markit and also released today, dropped to 54.6 points in September, up from 55 points in August.

Business activity in the US services sector continues to climb for the fourth straight month amid a gradual recovery from the coronavirus crisis. The service sector accounts for almost 90% of US GDP and about 80% of the country's working citizens.