┬áThe U.S. services industry slowed modestly in September while employment surged and a measure of prices paid by businesses for inputs fell to more than a 1-1/2-year low, suggesting underlying strength in the economy despite rising interest rates. That was underscored by other data on Wednesday showing private employers increased hiring last month. The trade deficit also narrowed in August to the lowest level in more than a year amid falling imports, prompting Goldman Sachs to boost its third-quarter gross domestic product tracking estimate by a full percentage point to a 1.9% annualized rate. “Rate hikes are meant to slow the economy and labor demand enough to fight inflation,” said Will Compernolle, a senior economist at FHN Financial in New York. “The services side of the economy appears too resilient to suggest the kind of slowdown the Federal Reserve wants.” The Institute for Supply […]