ISM Services PMI Rises To 54.9, Beating Analyst Estimates

On October 3, 2024, the Institute for Supply Management released ISM Services PMI report for September. The report indicated that ISM Services PMI improved from 51.5 in August to 54.9 in September, compared to analyst consensus of 51.7.

S&P Global released the final reading of S&P Global Services PMI report, which showed that Services PMI declined from 55.7 in August to 55.2 in September. Analysts expected Services PMI of 55.4, so the report missed analyst expectations. Composite PMI fell from 54.6 to 54.0, compared to analyst consensus of 54.4.

S&P Global commented: “Services activity has now increased in each of the past 20 months. The latest rise was often linked to success in securing new work, while there were a number of reports that the recent reduction in interest rates had boosted demand in the service sector.”

Today, traders also had a chance to take a look at the Factory Orders report, which showed that Factory Orders declined by 0.2% month-over-month in August.

U.S. Dollar Index made an attempt to settle above the 102.00 level as traders reacted to the better-than-expected ISM Services PMI report.

Gold settled near the $2650 level. Stronger dollar is bearish for gold. At the same time, gold is supported by rising demand for safe-haven assets.

SP500 moved towards the 5725 level as traders focused on the strength of the U.S. services sector.

For a look at all of today’s economic events, check out our economic calendar.