Reports on Wednesday showed that the US economy remained relative buoyant in September. In fact, the Institute for Supply Management’s non-manufacturing index rose to 55.1 last month from 53.7 in August while ADP Employer Services reported that private payrolls increased 162,000 last month.
The same cannot be said of the rest of the world's economies.
Services industries from Asia to Europe cooled last month. The services PMI from the National Bureau of Statistics and China Federation of Logistics and Purchasing fell to 53.7 in September from 56.3 in August. In the euro-area, Markit's services PMI fell to 46.1 last month from 47.2 in August, pulling the composite index for the euro-area down to 46.1 from 46.3. The UK services PMI fell to 52.2 in September from 53.7 in August.
Euro-area retail sales did rise 0.1 percent in August though.
Still, the Asian Development Bank has lowered its 2012 growth forecast for Asia excluding Japan down to 6.1 percent, the slowest since 2009, from 6.6 percent.