FxWirePro: Daily Commodity Tracker - 21st March, 2022 
The ISM nonmanufacturing index declined to 56.9 in September (previous: 59.0), modestly below our and consensus expectations for a reading of 57.5. Despite the larger-than-expected fall in the headline index, the details of the survey suggest service sector activity held up quite well through the end of the third quarter. Business activity (60.2, previous: 63.9) and new orders (56.7, previous: 63.4) both fell in September as expected, with activity back near levels seen earlier this year.
The employment index unexpectedly rose to 58.3 (previous: 56.0), in contrast to the September employment report from the Labor Department that showed a slowing in the pace of service sector job growth. Supplier deliveries were flat (52.5) on the month.
Outside of the survey components that drive the headline index, trends in exports orders (52.5, previous: 52.0) and imports (53.0, previous: 51.5) are broadly consistent with recent trade data that show import growth outstripping international demand for US goods and services.
"The September survey data show that US service sector growth has moderated in the recent months but remains solid", says Barclays.
