September data revealed a strong increase in U.S. private sector business activity, with the rate of growth close to August's seven-month peak. The latest expansion of private sector output was driven by a robust upturn in services activity, which contrasted with relatively subdued growth among manufacturing companies.

At 54.6 in September, the seasonally adjusted IHS Markit Flash U.S. Composite PMI Output Index was down slightly from 55.3 in August but still comfortably above the 50.0 no-change value. Higher levels of private sector output have been recorded in each month since March 2016.