US S&P Global Services PMI Final (Sep) 58.8 vs. Exp. 58.7 (Prev. 58.7)

“Combined with the encouragingly solid manufacturing PMI, the strong service sector expansion points to economic growth of around 4% in the third quarter and 5% in September alone." “New orders and backlogs of work are rising at increased rates and growth expectations have recovered to a one-year high, adding to the sense of an economy picking up further pace in the near term." “However, concerns that the economy is running too hot will be fueled by the survey’s price gauges, which point to accelerating inflation. Measured across goods and services, firms’ input costs are now rising at the fastest rate for nearly four years."