The ISM Services PMI for the US fell to 54.4 in October from 56.7 in the previous month, below analysts’ expectations of 55.4. “Supplier deliveries continued to slow, at a faster rate in October. Based on comments from Business Survey Committee respondents, growth rates and business levels have cooled. There are still challenges in hiring qualified workers, and due to uncertainty regarding economic conditions, some companies are holding off on backfilling open positions. Supply chain and logistical issues persist but are not as encumbering as they were earlier in the year”, Anthony Nieves, Chair of the ISM said.
A slowdown was seen in production (55.7 vs 59.1), new orders (56.5 vs 60.6), supplier deliveries (56.2 vs 53.9) and backlog of orders (52.2 vs 52.5). At the same time, employment contracted (49.1 vs 53), new export orders also fell (47.7 vs 65.1) and inventories continued to shrink (47.2 vs 44.1). Also, prices rose at a faster pace (70.7 vs 68.7).
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ISM Services fell to the lowest level since May 2020. Meanwhile S&P Global's Services PMI final print for October jumped to 47.8 from initial reading of 46.6 but lower than September's 49.3), which is not a good sign for the US economy. Source: Bloomberg via ZeroHedge
Simultaneously factory orders data was released. New orders for US manufactured goods increased by 0.3% in September, picking up from the revised 0.2% increase in August and in line with analysts’ estimates. Orders for durable goods rose by 0.4% (vs 0.2% in August) and those of non-durable goods rose by a slower 0.2% (unchanged from the prior month).
EURUSD saw a relatively small reaction to today’s data inflation release. The most popular currency pair continued to trade around 0.9750 level. Source: xStation5
