美国9月ISM服务业PMI 50，显著不及预期，商业活动创2020年以来最差

Core Insights - The US services sector stagnated in September, with weak orders and business activity, and employment shrinking for the fourth consecutive month [1][3][5] Economic Indicators - The ISM non-manufacturing index for September was reported at 50, significantly below the expected 51.7 and the previous value of 52, indicating a stagnation point [3][5] - The services PMI from S&P Global Market Intelligence indicated a slight slowdown in growth, but overall performance for Q3 was impressive, with an estimated annualized GDP growth rate of around 2.5% [6] Sector Performance - Growth in the services sector was primarily driven by financial services and technology, with signs of improvement in consumer-related services, potentially linked to lower interest rates [6][7] - The new orders index fell by 5.6 points to 50.4, nearly erasing the previous month's gains, indicating minimal growth in orders [7] Employment and Costs - Employment index continued to shrink for the fourth month, although the pace of decline slowed, suggesting a weak labor market [7] - The prices paid index rose to 69.4, one of the highest levels in three years, indicating rising cost pressures attributed to tariffs [7][9] Supply Chain and Inventory - Delivery times extended in September, with the supplier deliveries index rising to its highest level since February [7] - Inventory levels dropped to the lowest since the beginning of the year, although concerns about excessive inventory slightly increased [7]