US service sector activity remains solid but slowed to a six-month low in October.
The latest flash reading on US services PMI from Markit came in at 57.3.
Expectations were for the flash reading to come in at 57.8, down from last month’s 58.5 flash reading and 58.9 final reading.
Any reading over 50 indicates expansion, while readings below 50 indicate contraction.
According to the latest release from Markit, “Service providers attributed higher levels of business activity to supportive domestic economic conditions and an associated upturn in incoming new work. However, in line with the trend for output levels, the rate of new business growth eased to a three-month low in October and was softer than the post-crisis high recorded in June.”
More to come …
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