United States Non Manufacturing PMI

The ISM Services PMI fell to 54.4 in October of 2022 from 56.7 in September, and below market forecasts of 55.5, pointing to the slowest growth in the services sector since a contraction in May of 2020. A slower growth was seen in production (55.7 vs 59.1), new orders (56.5 vs 60.6), supplier deliveries (56.2 vs 53.9) and backlog of orders (52.2 vs 52.5). At the same time, declines were reported in employment (49.1 vs 53), new export orders (47.7 vs 65.1) and inventories (47.2 vs 44.1). Also, prices rose at a faster pace (70.7 vs 68.7). “Based on comments from Business Survey Committee respondents, growth rates and business levels have cooled. 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”, Anthony Nieves, Chair of the ISM said.