Following the mixed (but strong) Manufacturing survey data for October (ISM up, S&P down), the Services sector survey data this morning more unequivocal.
- S&P Global US Services disappointed, falling from 58.8 to 56.1 (and worsening from the flash print of 57.9)
- ISM US Services also disappointed, falling from 54.9 to 54.5 (below 54.8 exp)
The US Composite PMI remained comfortably above the critical 50.0 no-change mark in October to signal another month of private sector output growth - and remains the strongest globally. However, amid weaker gains in both manufacturing production and service sector activity, the index fell to 55.9, from 58.4 in September – the lowest in three months...
“The October PMI surveys mark a strong start to the fourth quarter for the US economy, indicative of GDP rising at an annualised rate of over 4%," according to Chris Williamson, Chief Business Economist at S&P Global Market Intelligence
The star of the upturn remains the tech sector, but encouragingly solid supporting performances are also being seen in consumer-facing sectors and financial services
However, Williamson warns "the good news on growth is tainted by yet another worrying inten
