US ISM services index declines to lowest level since June

The US services sector grew at their slowest pace since June, figures released on Monday showed.

The Institute for Supply Management revealed its services index declined from 59.0 in August to 56.9 last month, falling below the 57.5 reading analysts had expected.

“With inconclusive economic data in recent weeks, the Fed is now split on the timing of an interest rate rise," said Dennis de Jong, managing director at UFX.com.

"That situation is unlikely to change in response to today’s non-manufacturing figures, which aren’t strong enough to sway Janet Yellen and Co. towards a clear decision.

“A decline on last month puts a dampener on what is actually quite a robust set of numbers. It’s not all doom and gloom, however, as Yellen’s reluctance to act may be seen as a positive move elsewhere.

“Wall Street, which has been quiet as it awaits consistency among the financial uncertainty, may now be prompted into increased activity before the end of 2016.”