by Calculated Risk on 11/04/2020 10:08:00 AM
Wednesday, November 04, 2020
ISM Services Index Decreased to 56.6% in October
The October ISM Services index was at 56.6%, down from 57.8% last month. The employment index decreased to 50.1%, from 51.8%. Note: Above 50 indicates expansion, below 50 contraction.
From the Institute for Supply Management: Services PMI™ at 56.6%; October 2020 Services ISM® Report On Business®
Business Activity Index at 61.2%; New Orders Index at 58.8%; Employment Index at 50.1%; Supplier Deliveries Index at 56.2%This was below the consensus forecast, and the employment index was barely above 50.
Economic activity in the services sector grew in October for the fifth month in a row, say the nation's purchasing and supply executives in the latest Services ISM® Report On Business®.
The report was issued today by Anthony Nieves, CPSM, C.P.M., A.P.P., CFPM, Chair of the Institute for Supply Management® (ISM®) Services Business Survey Committee: "The Services PMI™ registered 56.6 percent, 1.2 percentage points lower than the September reading of 57.8 percent. This reading represents a fifth straight month of growth for the services sector, which has expanded for all but two of the last 129 months.
emphasis added