États-Unis PMI non industrielles

The ISM Services PMI fell to 50 in September 2025 from 52 in August and well below forecasts of 51.7, signalling the services sector stalled. Business activity was basically unchanged (49.9 vs 55) while new orders slowed (50.4 vs 56) and inventories moved to contraction (47.8 vs 53.2). In addition, employment (47.2 vs 46.5) continued to be in contraction territory, thanks to a combination of delayed hiring efforts and difficulty finding qualified staff. Also, price pressures intensified, with the prices index hitting 69.4, the second-highest since October 2022. Meanwhile, the supplier deliveries index (52.6 vs 50.3) indicated the slowest supplier delivery performance since February. On the other hand, a positive signal came from a slower contraction in backlog of orders (47.3 vs 40.4). 10 industries reported growth in September, 2 fewer than in August, while the number reporting contraction increased from 4 to 7.