U.S: Markit Services PMI edges lower to 54.9

The business activity in the US service sector continued to expand in September albeit at a softer pace than it did in August with IHS Markit’s Services PMI retreating to 54.9 (final) from 55.1 in August. Nevertheless, this reading came in higher than the advanced estimate and the market expectation of 54.4. The Composite PMI declined to 55 in September from 55.4 in August.