US DATA: Oct nonmfg ISM text: “The NMI registered 52.9 in Oct, 0.1
pt lower than the 53 in Sept, and indicating continued growth at a
slightly slower rate in the non-mfg sector. The Non-Mfg Business
Activity Index decreased 3.3 ps to 53.8, reflecting growth for the 27th
consecutive month. The New Orders Index decreased by 4.1 pts to 52.4.
The Employment Index increased 4.6 pts to 53.3, indicating growth in
employment after one month of contraction. The Prices Index decreased
4.8 percentage points to 57.1 percent, indicating prices increased at a
slower rate in October when compared to September. According to the NMI,
eight non-manufacturing industries reported growth in October. Even
though there is month-over-month growth in the Employment Index,
respondents are still expressing concern over available labor resources
and job growth. The continued strong push for inventory reduction by
supply management professionals has resulted in contraction in the
Inventories Index for the first time in eight months. Respondents’
comments are mixed and reflect concern about future business conditns.”