Preview: Due November 4 - U.S. October ISM Services - Edging higher
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We expect an October ISM services index of 55.0, little changed from September’s 54.9, but sustaining a marginal positive bias to recent trend.
The S and P services PMI corrected lower in October but remains very strong.
We expect ISM services detail to show a correction higher in business activity and further strength in delivery times. However we expect some loss of momentum in new orders while employment remains near neutral.
Prices paid do not contribute to the composite. We expect this index to also continue trending higher, reaching 75.0 from 74.0, which would be the highest since June 2022.