U.S. Services Index Edges Slightly Lower In October

RTTNews | 2 jam 28 menit yang lalu

(RTTNews) - Service sector growth in the U.S. saw a modest slowdown in the month of October, according to a report released by the Institute for Supply Management on Wednesday.

The ISM said its services PMI edged down to 54.5 in October after dipping to 54.9 in September, although a reading above 50 still indicates growth. Economists had expected the index to slip to 54.7.

The modest decrease by the headline index partly reflected a slowdown in the pace of growth in new orders, as the new orders index slid to 55.9 in October from 59.8 in September.

The business activity index also fell to 53.8 in October from 56.5 in September but remained in expansion territory for the 28th consecutive month.

Meanwhile, the report said the employment index climbed to 51.4 in October from 50.1 in September, indicating an acceleration in the pace of job growth.

The ISM also said the prices index dipped to 73.0 in October from 74.0 in September but came in above 70 percent for the seventh time in eight months.

"Tariffs and fuel cost impacts continued to be the most-cited issues impacting respondents' supply chains, while many respondents indicated they are not yet seeing the full impact of these cost escalations or have not passed them through to customers," said Steve Miller, Chair of the ISM Services Business Survey Committee.

He added, "This indicates that more pricing pressure is on the way if oil and tariff cost impacts are not mitigated, even if they do not increase from current levels."

On Monday, the ISM released a separate report showing its reading on U.S. manufacturing activity increased by more than expected in the month of October.

The ISM said its manufacturing PMI rose to 55.5 in October after edging down to 54.5 in September, with a reading above 50 indicating growth. Economists had expected the index to inch up to 54.6.

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