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U.S. services grew more than expected in September

Yahoo Finance's Ines Ferre joins the Live show to break down the growth in U.S. services for the month of September.

Video transcript

[AUDIO LOGO]

BRIAN SOZZI: [? --off. ?] Markets giving back some of these stunning gains, seen to kick off the fourth quarter. All three major indices right now are in the red following that, a little bit of a hotter than expected ADP jobs report earlier this morning. We're getting some breaking news right now, though, on the manufacturing front. And our very own Ines Ferré is standing by with the numbers. Ines.

INES FERRÉ: Yeah, that's right, Brian. Just taking a look at the ISM Services Index, one of the data points that we've been watching. And the number came in at 56.7 for the month of September. Now, economists had been expecting 56. So that is coming in better than expected. A little bit of a decline, though, from the prior reading, which was 56.9.

I do also want to mention the S&P Global US Services PMI. That came in just a little while ago. And that came in at 49.3. So a bit higher than what had been expecting. The reading was expected to come in at 49.2.

Basically, showing that business activity declined at a slower pace because of renewed rise in client demand. So one of the key findings there was that fall in output was only marginal, and also that there had been some challenges in hiring new staff. And that drove an increase in backlog of work.

Also, taking a look at the Global US Composite PMI. That reading came in at 49.5. And what was expected was 49.3. So a little bit better than expected, and better than the previous month, which was 49.3 as well, guys.

BRAD SMITH: All right, thanks so much. Yahoo! Finance's own Ines Ferré.