Business Optimism Deteriorates Sharply On Election Worries

The rise of Kamala Harris in national political polls has come at a cost of deteriorating optimism among U.S. businesses.

The deterioration was led by the services sector, an especially troubling development since economic growth in recent months has largely depended on services while he manufacturing sector has been in a slump The survey of executives referred to as purchasing managers is considered a key indicator for the economy. It showed that business activity lost some momentum in September but remains robust, thanks largely to strength in the services sector. The output of the manufacturing sector fell for a second straight month, according to the survey.

“The sustained robust expansion of output signaled by the PMI in September is consistent with a healthy annualized rate of GDP growth of 2.2% in the third quarter. But there are some warning lights flashing, notably in terms of the dependence on the service sector for growth, as manufacturing remained in decline, and the worrying drop in business confidence,” Williamson said.

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