Banking

ISM: Service sector broadens in October

The ISM Services Index signed up 54.4%; 2.3 portion points lower than September’s reading of 56.7%. This reading represents the 29th straight month of development for the services sector.

16 markets reported development. The composite index showed development for the 29th successive month after a two-month contraction in April and May 2020. Growth continues at a slower rate for the services sector, which has actually broadened for all however 2 of the last 153 months. The sector had a pullback in development for the 2nd successive month in October due to reductions in organization activity, brand-new orders, and work.”

The Business Activity Index signed up 55.7%, a decline of 3.4 portion points compared to the reading of 59.1% in September.

Service sector work contracted in October, and signed up 49.1%, 3.9 portion points lower than September reading of 53.0%. eleven markets reported development in work for the month.

The New Orders Index was 56.5%, down 4.1 portion points from the previous month’s reading of 60.6%. Comments from participants consist of: “New capital projects implemented” and “Higher due to end-of-year activity.”

The provider shipments index signed up 56.2% in October, up 2.3 portion points from the previous month. A reading above 50% suggests slower shipments.

Read the ISM release.

Gabriel

A news media journalist always on the go, I've been published in major publications including VICE, The Atlantic, and TIME.

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