New orders for American service-providing businesses cooled in October, contributing to a slowdown in the overall growth rate of the sector. The ISM Services PMI fell to 54.5, missing the 54.8 forecast and trailing the 54.9 reading recorded in September.
The report highlighted a drop in new orders to 55.9 from 59.8 and a dip in business activity to 53.8 from 56.5. However, the sector continued to expand its workforce, with the employment index rising to 51.4 from 50.1, while the prices paid component eased slightly to 73.0 from 74.0.
