US stocks rise as Fed speakers focus on inflation

S&P Global US Composite PMI The U.S. manufacturing Purchasing Managers’ Index (PMI) came in at 54.4 in September, down from 54.6 in August. Economists had expected the index, which tracks activity in the services and manufacturing sectors, to decline slightly.

The S&P report showed that the services sector index recorded 55.4 points this month, down from 55.7 points in August. Meanwhile, manufacturing activity continued to slow, falling to a reading of 47 points from 47.9 points in the previous month, recording its lowest level in 15 months.

Any reading above 50 for these indicators represents expansion in the sector, while readings below 50 indicate contraction.

“Early survey indicators for September point to an economy that continues to grow at a solid pace, albeit with manufacturing weakness and intensifying political uncertainty acting as significant headwinds,” Chris Williamson, chief trade economist at S&P Global Market Intelligence, wrote in the statement.

The survey’s Future Output Index, which measures optimism about output in the coming year, fell to its lowest level since October 2022.

“Business sentiment, demand, employment and investment are weak due to uncertainty surrounding the presidential election, casting a shadow over the outlook for the year ahead at many companies,” Williamson wrote.