U.S. ISM Services PMI Slows to 54.5 in October Amid Declining New Orders
The Institute for Supply Management (ISM) reported that the U.S. services sector experienced a slight deceleration in growth during October. The ISM Services PMI came in at 54.5, falling short of both the consensus estimate of 54.7 and the previous month's reading of 54.9. The primary driver for this slowdown appears to be a significant cooling in new orders, which dropped to 55.9 from September's 59.8. While employment saw a modest uptick to 51.4, input prices also showed a slight decrease to 73.0, suggesting a tempering of inflationary pressures within the services landscape.
Topics: Employment Data Inflation/Prices ISM Services PMI US Economy
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Part of the story ISM Services PMI Indicates Continued Expansion in October with Rising Prices (2 articles)