US ISM Non-Manufacturing Composite dropped to 56.6 in October, down from 57.8, missed expectation of 57.8. Business activity dropped -1.8 pts to 61.2. New orders dropped -2.7 pts to 58.8. Employment also dropped -1.7 to 50.1.
ISM: “According to the Services PMI, 16 services industries reported growth. The composite index indicated growth for the fifth consecutive month after a two month contraction in April and May. There has been a slight pull back in the rate of growth in the Services Sector in the month of October. Respondents’ comments are cautiously optimistic about business conditions and the economy. There is a degree of uncertainty due to the pandemic, capacity constraints, logistics and the elections.”
