US Services PMI Drops to 56.1 in October
American economic activity remains in expansion mode but slows down compared to the previous month and misses market expectations.
The United States services purchasing managers' index reached 56.1 points in October. This figure represents a decline from the 58.8 points recorded in September. The result fell short of the 58-point projection expected by analysts.
The composite PMI, which aggregates the industrial and services sectors, also saw a decline. The indicator moved from 58.4 to 55.9 points during the period. This is the lowest level observed in the last three months.
Despite the slowdown, American economic activity continues to expand. The private sector still shows growth in production. The 50-point mark separates economic expansion from contraction.
The technology sector remains the main driver of this recovery. However, data show a reduction in new orders and lower business confidence. Inflationary pressures on the prices of goods and services were also observed.
The Institute for Supply Management PMI recorded 54.5 points in October. This data reflects the twenty-eighth consecutive month of expansion in the sector. The sub-index for new orders fell while the employment sub-index showed a slight increase.
Spotted an error? Write to suporte@criptoico.com.br.
