U.S. October Services PMI Misses Forecast at 54.8, Composite Index Also Eases

According to Odaily, the final reading of the S&P Global Services Purchasing Managers’ Index (PMI) for October was 54.8, missing expectations of 55.2 and down from the preliminary figure of 55.2. The S&P Global Composite PMI, which tracks both manufacturing and services output, also came in lower at 54.6, compared with the expected 54.9 and the prior reading of 54.8.While both indicators remain above the 50 threshold that separates expansion from contraction, the slowdown suggests moderating momentum in US economic activity as higher borrowing costs and policy uncertainty weigh on business sentiment.