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  • U.S. non-manufacturing sector’s growth accelerates more than anticipated in October - ISM
Ekonomické zprávy
03.11.2021

U.S. non-manufacturing sector’s growth accelerates more than anticipated in October - ISM

The Institute for Supply Management (ISM) reported on Wednesday that its non-manufacturing index (NMI) came in at 66.7 in October, which was 4.8 percentage points higher than the unrevised September’s reading of 61.9 percent. The latest reading pointed to the growth in the services sector for the 17th straight month, which was also the fastest on record.

Economists forecast the index to edge up to 62.0 last month. A reading above 50 signals expansion, while a reading below 50 indicates contraction.

All 18 services industries reported gains last month, the ISM said, even though ongoing challenges, including supply chain disruptions and shortages of labor and materials, continued to constrain capacity and impact overall business conditions.

According to the report, the ISM’s non-manufacturing Production measure surged 7.5 percentage points to 69.8 percent from the September reading and its New Orders gauge jumped 6.2 percentage points to 69.7 percent, setting their all-time highs. In addition, the Supplier Deliveries index climbed 6.9 percentage points to 75.7 percent (its all-time high is 78.3 percent, recorded in April 2020). At the same time, the Employment indicator decreased 1.4 percentage points to 51.6 percent, and the Inventories indicator declined 3.9 percentage points to 42.2 percent. On the price front, the Prices index rose 5.4 percentage points to 82.9 percent, recording its second-highest reading ever, behind September 2005.

Commenting on the data, the Chair of the ISM Services Business Survey Committee, Anthony Nieves, noted, “The past relationship between the Services PMI and the overall economy indicates that the Services PM for October (66.7 percent) corresponds to a 6.1-percent increase in real gross domestic product (GDP) on an annualized basis."

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