US Services Growth Slips to Five-Month Low as Activity Softens
- ISM services PMI decreased by 1.8 points to 51.8 in October
- Gauge of services employment falls by most since April 2022
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The US service sector expanded in October at the weakest pace in five months as business activity softened and employers scaled back hiring.
The Institute for Supply Management’s overall gauge of services decreased 1.8 points, the most since March, to 51.8 last month. The index has been fluctuating on a month-to-month basis for the past year though it has remained above the 50 level that indicates expansion.