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U.S. business activity nears stand-still in September, survey says

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S&P Global said its flash U.S. Composite PMI index, which tracks the manufacturing and service sectors, dipped to a reading of 50.1 in September from a final reading for August of 50.2. Overall employment growth was the strongest in four months, led by the services sector, but that may prove difficult to replicate in the months ahead.

People eat at a mostly empty restaurant with tables on the street in the financial district

S&P Global said its flash U.S. Composite PMI index, which tracks the manufacturing and service sectors, dipped to a reading of 50.1 in September from a final reading for August of 50.2. September's result was negligibly above the 50 level that separates expansion and contraction. The U.S. economy so far this year has defied projections for sliding into a recession that most economists had expected would be triggered by the Federal Reserve's aggressive interest rate increases aimed at quelling inflation. Job growth and consumer spending have all held up, and the pace of inflation has slowed markedly, leading Fed officials on Wednesday to upgrade their economic forecasts to a degree that suggests many of them now believe a recession may be averted altogether.

"PMI data for September added to concerns regarding the trajectory of demand conditions in the U.S. economy following interest rate hikes and elevated inflation," Siân Jones, Principal Economist at S&P Global Market Intelligence, said in a statement.

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