US service providers are on the rise
The Purchasing Managers' Index rose to 54.9 points in September after 51.5 points in August, which was significantly higher than expected.
Experts in a Reuters poll had expected 51.7 points.
Image: Thomas Barwick/Getty Images
US service providers continue their growth. According to the Institute for Supply Management (ISM) monthly survey released on Thursday, the Purchasing Managers' Index rose to 54.9 points in September from 51.5 in August. So the barometer is still above the growth threshold of 50 points. Experts in a Reuters poll had expected 51.7 points.
The central bank recently revised interest rates and sharply cut the key monetary policy rate – from 4.75 to 5.00 percent. Monetary authorities have set their sights firmly on further downward steps. According to their latest interest rate outlook, monetary policy levels could be cut by half a percentage point this year. After further cuts, the key interest rate will end up between 2.75% and 3.00% in 2026. US Federal Reserve Chairman Jerome Powell recently said he expects two more interest rate cuts this year by a total of 0.50 percentage points. This applies if the economy develops as expected.
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