Economic Buzz: US service sector activity sees sharp expansion

The US service sector activity accelerated sharply in September, with the S&P Global services PMI jumping to 58.8 and the composite PMI hitting 58.4, both marking the strongest expansions in more than five years. The services index saw a fourth consecutive monthly gain as business activity surged on the back of the fastest rise in new orders in four‑and‑a‑half years. Confidence hit a one‑year high, though input‑cost inflation re‑accelerated to its steepest rate since late 2022.

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