11/3/2022, 2:46 PM (Source: TeleTrader)
more TeleTrader news

US services sector activity declines in October

The activity in the services sector in the United States declined in October registering a sharper contraction in business activity at the beginning of the final quarter, according to a report by S&P Global released on Thursday. The seasonally adjusted final S&P Global US Services PMI Business Activity Index stood at 47.8, falling from last month's registered figure of 49.3, but slightly above the flash estimate of 46.6.

"Service sector firms faced a challenging start to the final quarter of 2022, as a renewed contraction in new business dragged output down further," S&P Global Senior Economist Sian Jones commented, adding that demand conditions have been "hampered by tighter financial conditions and elevated rates of inflation." According to the report, subdued demand and weaker confidence in the outlook for output led to a "near-stagnation" in employment.

The S&P Global US Composite PMI Output Index contracted from September's figure of 49.5 to 48.2 in October.

Baha Breaking News (BBN) / AB