US service sector activity accelerates to 1-1/2-year high; employment declining

U.S. services sector activity surged to a 1-1/2-year high in September due to strong growth in new orders. This suggests the economy stayed solid in the third quarter. The services PMI rose to 54.9, the highest since February 2023. The Atlanta Federal Reserve estimates a 2.5% GDP growth for Q3.
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