US services sector activity expands at slowest pace since May 2020

ANKARA

Economic activity in the US services sector expanded at the slowest pace in October since May 2020, according to data released Thursday.

The Institute for Supply Management's (ISM) non-manufacturing purchasing managers’ index (PMI), also known as the ISM Services PMI, fell by 2.3 percentage points to 54.4, an ISM survey showed.

Analysts expected the index, which indicates the overall economic condition of the non-manufacturing sector, to post a reading of 55.5, after standing at 56.7 in September.

A reading above 50 indicates expansion.

Despite the slowdown, economic activity grew in October for the 29th month in a row. A total of 16 industries reported growth, according to the services PMI.

The index hit an all-time high of 69.1 last November.