US service industry PMI fell 0.5 points to 54.9... Maintained expansion phase for 27 consecutive months

PMI fell 0.5 points to 54.9... Expansion phase maintained for 27 consecutive months

(New York = Yonhap News) Correspondent Kim Yeon-sook = It was found that the economic expansion of the U.S. service industry slowed in September. Pressure for companies to increase costs has increased to the highest level in over four years.

The Institute for Supply Management (ISM) announced on the 5th (local time) that the September service industry purchasing managers' index (PMI) recorded 54.9, down 0.5 points from the previous month.

The index exceeded 50, maintaining the economic expansion phase for 27 consecutive months, but growth slowed somewhat as it fell compared to the previous month.

This figure is almost in line with the expert forecast of 55.0 compiled by Dow Jones.

The new order index fell slightly to 59.8. In August, it reached 60.9, the highest level since February 2023.

The supplier delivery index was 53.2, continuing the trend of delivery delays for 22 consecutive months.

In particular, the price index, which represents the price paid by companies for materials and services, was 74.0, an increase compared to the previous month (72.6). It is the highest level since July 2022.

“Tariffs and the impact of fuel costs were the most cited factors affecting respondents’ supply chains,” said Steve Miller, who led the survey.

Supply chain constraints were also a major concern, impacting delivery times and costs, ISM said.