US Services Gauge Falls to Lowest Since May 2020 as Orders Cool
- ISM’s measure of business activity drops to five-month low
- Exports declined in October to lowest since start of year
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US service providers expanded in October at the slowest pace since May 2020 as orders growth and business activity moderated, suggesting the broader economy continues to cool.
The Institute for Supply Management’s gauge of services retreated to 54.4 last month from 56.7 in September, according to data released Thursday. The median projection in a Bloomberg survey of economists was 55.3. Readings above 50 signal growth.