Today’s key economic report was the Institute for Supply Management Nonmanufacturing Index from October. The ISM gave a reading of 54.2%, and that is still in the growth area above the 50.0 mark. But the figure is less than estimates, as well as the 55.1% reading from September. Estimates were 54.9 from Bloomberg, and Dow Jones was calling for 54.5 for October. Bloomberg showed a range of 53.0 to 56.0 from its pool of economists.
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Today’s nonmanufacturing report was the 34th consecutive growth report, and it showed that 13 nonmanufacturing industries reported growth, with five industries contracting in October. Here were the individual components:
- Business Activity Index at 55.4%, 4.5 percentage points lower than September
- New Orders Index at 54.8%, 2.9 percentage points lower than September
- Employment Index at 54.9%, an increase of 3.8 percentage points from September
Last week’s ISM Manufacturing Index came in at 51.7, and that was basically in-line with estimates. At least for October, both the manufacturing and nonmanufacturing figures have remained in the area of weak growth.
JON C. OGG
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