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- U.S. non-manufacturing sector’s growth decelerates more than forecast in October - ISM
U.S. non-manufacturing sector’s growth decelerates more than forecast in October - ISM
The Institute
for Supply Management (ISM) reported on Wednesday that its non-manufacturing
index (NMI) came in at 56.6 in October, which was 1.2 percentage points lower than
the September reading of 57.8 percent. The reading represented growth in the
services sector for the fifth straight month but the slowest since May.
Economists
forecast the index to decrease to 57.5 last month. A reading above 50 signals
expansion, while a reading below 50 indicates contraction.
According to
the report, the ISM’s non-manufacturing Business Activity measure fell 1.8
percentage points to 61.2 percent from September’s figure, the New Orders gauge
declined 2.7 percentage points to 58.8 percent from September’s reading and the
Employment Index decreased 1.7 percentage
points to 50.1 percent from the September reading. Meanwhile, the Prices Index climbed
4.9 percentage points to 63.9 from September’s reading, the Supplier Deliveries
Index rose 1.3 percentage points to 56.2 percent from September’s.
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