US ISM services PMI down to 56.6 in October
The United States Institute for Supply Management (ISM) announced on Wednesday that its Services Purchasing Managers Index (PMI) in October landed at 56.6%, down by 1.2 percentage points from 57.8% reported the previous month.
The business activity declined by 1.8% in comparison to September to 61.2%, while the employment index decreased by 1.7% month-on-month from 51.8% to 50.1%. On the other hand, the supplier deliveries saw a monthly rise of 1.3%, coming in at 56.2%.
“There has been a slight pull back in the rate of growth in the Services Sector in the month of October. Respondents’ comments are cautiously optimistic about business conditions and the economy. There is a degree of uncertainty due to the pandemic, capacity constraints, logistics and the elections,” the ISM’s Chair Anthony Nieves commented on the report.
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