- The ISM services PMI improved to 56 in October.
- The Dollar Index remains in the red below 104.00.
Economic activity in the US services sector expanded at a rapid pace in October, with the ISM services PMI rising to 56 from 54.9 in September. This reading exceeded the market expectation of 53.8.
Other details of the report showed that the Prices Paid Index, the inflation component, fell to 58.1 from 59.4, while the Employment Index improved to 53 from 48.1.
Evaluating the survey findings, “concerns about political uncertainty were again more prevalent than the previous month,” said Steve Miller, Chairman of the Institute for Supply Management’s (ISM) Service Business Survey Committee. “The impacts of hurricanes and labor turbulence in ports were frequently mentioned, although several panelists mentioned that the longshoremen’s strike had less impact than feared due to its short duration.”
Market reaction
The Dollar Index showed no immediate reaction and was last seen losing 0.2% on the day at 103.70.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
