The preliminary US manufacturing PMI index has fallen to 60.5 points from 61.1 in August, disappointing the expected 61.5. Although it maintains a strong growth rate, this is the lowest level registered by the indicator in the last five months.
The Services PMI has dropped to 54.4 from 51.1 the previous month, its lowest score in fourteen months. The figure has disappointed market expectations, which expected it to stand at 55 points.
According to the IHS Markit report, private sector production growth has been hampered by severe supply chain delays and capacity shortages.
Chris Williamson, IHS Markit’s chief business economist, notes: “The pace of economic growth in the US cooled further in September, after skyrocketing in the second quarter, reflecting a combination of peak demand, supply chain delays and labor shortages“.
“The slowdown was led by a cooling demand in the service sector, linked in part to the ravages of the Delta variant. However, while manufacturers have seen much more resilient demand, factories face growing problems in obtaining enough supplies and labor to fulfill orders. Supply chain delays show no signs of easing, with another near-record lengthening of delivery times in September. Therefore, production growth also weakened and the order book increased at a record pace in September. “
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