US non-manufacturing activity likely cooled slightly in September

Available US regional and national service-sector canvasses suggest that non-manufacturing activity probably slowed marginally once again in September.

"Using data from the above surveys, the statistical model calls for a one-point dip in the Institute for Supply Management's gauge to 58.0", says Societe Generale. 

Notwithstanding the projected pullback, this forecast would place the Q3 average at 59.1, the highest reading since the winter of 2004 and a level normally associated with real GDP growth near 4.5% in the past.