U.S. services activity grew at the fastest pace in more than five years! September PMI rose to 58.8, with inflation pressures heating up again amid strong demand.

Zhitong Finance APP has learned that data released by S&P Global on Monday showed that U.S. services activity accelerated sharply in September, with the Services PMI Business Activity Index rising to 58.8 from 56.5 in August, marking a fourth consecutive monthly increase and a sixth consecutive month in expansion territory, the fastest pace of expansion since July 2021. At the same time, the pace of new order growth rose to the highest level in four and a half years, and employment growth was the fastest since June 2022, but input cost inflation also rebounded noticeably to its highest level since November 2022, indicating that while the momentum of U.S. economic growth is strengthening, inflationary pressures still cannot be ignored.