October’s ISM services index of 54.5 is down from 54.9 and a second straight slowing, though still comfortably within this year’s range.
Details were on the negative side with significant slowings in new orders (to 55.9 from 55.8) and business activity (to 53.8 from 56.5).

This was partly offset by a bounce in employment to 51.4 from 50.1 and a pick-up in delivery times.

Longer delivery times may be a sign of inflationary pressure, though prices paid slowed to a still firm 73.0 from 74.0.