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Markit Economics released final services purchasing managers' index (PMI) for the U.S. on Monday. Final U.S. services purchasing managers' index (PMI) declined to 55.1 in September from 56.1 in August, down from the preliminary reading of 55.6.
The decline was partly driven by a weaker rise in output and new business.
"The US economic growth slowed in the third quarter according the PMI surveys, down to around 2.2%. But this largely represents a payback after growth rebounded in the second quarter, suggesting that the economy is settling down to a moderate rate of growth in line with its long term average," Chief Economist at Markit Chris Williamson said.
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