Economic Buzz: Technology sector performance strongest in over 16 years in September, reports S&P Global Sector PMI

For the second month running, growth was signalled across each of the 21 sectors monitored by the S&P Global Sector PMI. In fact, all but seven indicated faster expansions compared to August, it noted. Component technology sectors topped the rankings, pushing the broader reading to its highest seen since the start of 2010. Software & Services led the overall expansion, where the rate of growth hit its highest level seen since April 2018, and the joint-fastest on record (since October 2009). Firms in this sector were also the most upbeat when asked about their expectations for activity over the coming 12 months. The degree of positive sentiment was the strongest in over two-and-a-half years. Meanwhile, Technology Equipment signalled the steepest rise in order books of the 21 sectors, as growth accelerated to a substantial rate (although not topping recent highs in May and June).

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