The growth in activity in the United States services sector continued in October for the 29th consecutive month, the Institute for Supply Management (ISM) revealed in its report published on Thursday. The Services Purchase Managers' Index (PMI) stood at 54.5%, declining by 2.3 percentage points on a monthly level and failing expectations.
The Business Activity Index came in at 55.7%, which is 3.4 percentage points lower than the figure observed in September. The New Orders Index was at 56.5%, declining by 4.1 percentage points month-on-month. On the other hand, the Prices Index advanced by two percentage points compared to September to reach 70.7%.
"There are still challenges in hiring qualified workers, and due to uncertainty regarding economic conditions, some companies are holding off on backfilling open positions. Supply chain and logistical issues persist but are not as encumbering as they were earlier in the year," ISM Business Survey Committee Chair Anthony Nieves said about the report.
