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US services sector growth slow in September
US services sector activity slowed down in September amid ongoing inflation pressures, as the non-manufacturing PMI declined to 54.9 points from 55.4 in August, remaining above the 50-point threshold indicating growth. The data indicates strong domestic demand, but it is exerting pressure on supply chains and causing rising prices, especially due to higher energy costs resulting from the conflict in the Middle East. Delivery times continue to lengthen, further fueling expectations of rising inflation in the future, which supports the likelihood of the Federal Reserve raising interest rates in December.
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