Economic Buzz: US services sector expands in September

The United States services sector business activity rose in September, with the pace of growth accelerating at its fastest rate in over five years due to a sharp increase in new orders.

The Services Business Activity Index improved to 58.8 in the reported month, up by 2.3 index points compared to August. The US PMI Composite Output Index, which takes both the services and the manufacturing business activity into account, climbed by 2.4 index points month-over-month, landing at 58.4 in September.

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