FILE PHOTO: A woman shops in a supermarket as rising inflation affects consumer prices in Los Angeles
Uncertainty about the Nov. 5 presidential election is, however, weighing on business sentiment. The services sector continued to expand at a steady pace, though manufacturing slumped to a 15-month low. The labor market has slowed considerably this year, with the unemployment rate rising above 4.0% from 3.4% in April 2023 and is likely no longer a threat to inflation.
The survey's flash manufacturing PMI dropped to a 15-month low of 47.0 from 47.9 in August. Economists polled by Reuters had forecast the index for the sector, which accounts for 10.3% of the economy, rising to 48.5. Its flash services PMI dipped to 55.4 from 55.7 in August, broadly in line with economists' expectations for a reading of 55.2.
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