A post by @FirstSquawk on X.
US S&P Global Services PMI Oct F: 56.1 (est 57.9; prev 57.9)
@FirstSquawk on X
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US S&P Global's final services PMI for October came in at 56.1, missing the 57.9 estimate and matching the prior 57.9 reading, while the composite PMI fell to 55.9 from 57.6 and below the 57.3 consensus. Both gauges remain firmly in expansion territory, but the softer-than-expected prints suggest momentum in the US services sector cooled at the start of the fourth quarter. The miss matters because services activity has been a key support for US growth as manufacturing weakens. Traders will watch upcoming ISM services and labor data for confirmation of whether the slowdown is a one-month blip or the start of a broader deceleration.
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Named in this story
US Services PMI, US Composite PMI, S&P Global