US Sept PMI data conclusion from S&P Global23 Sep 2022 16:36
Like the bit about services and inflation that relate directly to THG
“US businesses are reporting a third consecutive monthly
fall in output during September, rounding off the weakest
quarter for the economy since the global financial crisis if
the pandemic lockdowns of early-2020 are excluded.
However, while output declined in both manufacturing
and services during September, in both cases the rate of
contraction moderated compared to August, notably in
services, with orders books returning to modest growth,
allaying some concerns about the depth of the current
downturn.
“There was also better news on inflation, with supplier
shortages easing to the lowest since October 2020,
helping take some of the pressure off raw material prices.
These improved supply chains, accompanied by the
marked softening of demand since earlier in the year,
helped cool overall the rate of inflation of both firms’ costs
and average selling prices for goods and services to the
lowest since early-2021.
“Inflation pressures nevertheless remain elevated by
historical standards and, with business activity in decline,
the surveys continue to paint a broad picture of an
economy struggling in a stagflationary environment.”