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US Services PMI Bounces But Employment Hits 33-Month Lows

US Services PMI bounced in September (flash) to 51.9 - the highest since April, but a weaker expansion of new business had a negative impact on employment growth in September. Staffing levels continued to rise, but the latest increase was only slight and the slowest since March 2013. The rate of job creation has now eased in two consecutive months. Not great for GDP hope, because as Markit pointed out, "the overall rate of economic growth remains subdued.
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