Our latest reading on the US services sector comes with two reports this morning.
Markit’s services purchasing manager’s index came in better than expected, at 54.8 for October. Economists had estimated a print of 54.5 for October according to Bloomberg.
However, overall service-sector activity growth slowed to a four-month low. The report said that weaker client demand reduced growth expectations for year ahead, and companies became more cautious about hiring.
Service-sector employment rose at the slowest pace since February.
“The survey data also reinforce strong arguments — notably a continued absence of inflationary pressures — that there is no rush to tighten [monetary] policy,” said Markit chief economist Chris Williamson in the release. “Much will now depend on the November survey data, which will provide a reliable guide to business conditions in the fourth quarter.”
At 10:00 a.m. ET, ISM’s non-manufacturing PMI is due, and forecast at 56.5.
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