US Service Sector Expands at Faster Pace in October

ss

The Institute for Supply Management (ISM) reported that its service index rose to 55.4 percent in October, 1 percentage point higher than the 54.4 percent registered in September. This marks the 46th consecutive month of growth. A reading above 50 indicates the sector is expanding. The Non-Manufacturing Business Activity Index increased to 59.7 percent, which is 4.6 percentage points higher than the 55.1 percent reported in September, reflecting growth for the 51st consecutive month. The only negative in the report saw the New Orders Index decline 2.8 percentage points to 56.8 percent.

 

The Institute of Supply Management reported that 10 of the 18 non-manufacturing industries reported growth in October — listed in order — are: Management of Companies & Support Services; Other Services; Retail Trade; Information; Educational Services; Wholesale Trade; Real Estate, Rental & Leasing; Public Administration; Professional, Scientific & Technical Services; and Finance & Insurance.

A number of respondents indicate that they were negatively impacted by the government shutdown.

Click here for the full release.

Click to see why Service stocks should be a significant part of your portfolio

Share This Story, Choose Your Platform!

About the Author: Chris Wang

Chris Wang

IMPORTANT DISCLOSURE INFORMATION

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Runnymede Capital Management, Inc.), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Runnymede Capital Management, Inc. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Runnymede Capital Management, Inc. is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of Runnymede Capital Management, Inc.’s current written disclosure statement discussing our advisory services and fees is available for review upon request.