US ISM Services fell from 53.6 to 51.8 in October, below expectation of 53.2. Business activity/production fell from 58.8 to 54.1. New orders rose from 51.8 to 55.5. Employment dropped from 53.4 to 50.2. Prices ticked down from 58.9 to 58.6.
ISM said: “The past relationship between the Services PMI and the overall economy indicates that the Services PMI for October (51.8 percent) corresponds to a 0.7-percent increase in real gross domestic product (GDP) on an annualized basis.”
