Economic activity in the US services sector accelerated in October, with the ISM Services PMI rising to 56 from 54.9 in September. This was higher than the market forecast of 53.8.
Other details from the report showed that the Prices Paid Index, a component of inflation, edged down to 58.1 from 59.4, while the Employment Index improved to 53 from 48.1.
Assessing the survey findings, "concerns over political uncertainty were again more prominent than in the previous month," said Steve Miller, Chair of the Institute for Supply Management's (ISM) Services Business Survey Committee. "The impact of the hurricane and the dock labor turbulence were frequently mentioned, although several panelists noted that the dock workers' strike had a smaller impact than feared due to its short duration."
Source: FXStreet
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