The Supply Management Institute (ISM) released its non-manufacturing index for October.
As a result, the non-manufacturing ISM index fell 2.3 points to 54.4 in October from the previous month.
The market expectation for the veri, which indicates that growth in the services sector continues to slow, was 55.5. The index, which fell to its lowest level since May 2020, was 56.7 in September.
The production index decreased 3.4 points on a monthly basis to 55.7 in October and the new orders index decreased 4.1 points to 56.5. The employment index also fell by 3.9 points to 49.1 over this period.
Surveys for the ISM Services Index revealed growth in 16 service sector industries. During this period, the business and real estate sectors contracted.
FULL REVIEW OF PMI DATA IN THE SERVICE SECTOR
On the other hand, S&P Global also announced final veri on the Services Sector Purchasing Managers Index (PMI) for October.
As a result, the October service sector PMI was revised from 46.6 to 47.8. The services sector PMI was 49.3 in September. The aforementioned veri showed that the contraction in the US service sector continued despite the upward revision.
The composite PMI covering the manufacturing and services sectors was also revised to 48.2 from 47.3 in October. The composite PMI was 49.5 in September.
Values above 50 in the ISM and PMI veri indicate expansion and values below 50 indicate contraction.