The economic activity in the US service sector expanded at an accelerating pace in October, with the ISM Services PMI rising to 56 from 54.9 in September. This reading came in above the market expectation of 53.8.
Other details of the report showed that the Prices Paid Index, the inflation component, edged lower to 58.1 from 59.4, while the Employment Index improved to 53 from 48.1.
Assessing the survey's findings, "concerns over political uncertainty were again more prevalent than the previous month," said Steve Miller, Chair of the Institute for Supply Management (ISM) Services Business Survey Committee. "Impacts from hurricanes and ports labor turbulence were mentioned frequently, although several panelists mentioned that the longshoremen’s strike had less of an impact than feared due to its short duration."
The US Dollar Index showed no immediate reaction and was last seen losing 0.2% on the day at 103.70.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.