America: The services sector declined by more than expected

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An economic report published today showed that the economic activity of the services sector in the United States grew over the past month, more than analysts had expected.
The US Institute of Supply Management stated that the services sector purchasing managers ’index fell last month to 56.6 points, compared to 57.8 points during the previous month, while analysts had expected the index to decline to 57.5 points.
It is noteworthy that a reading of the index more than 50 points indicates a growth in the economic activity of the sector, while a reading of less than 50 points indicates a contraction of the activity.
“There is a slight dip in the growth rate in the services sector during October,” said Anthony Nevis, head of the institute’s service company surveys. “Comments from officials surveyed are cautiously optimistic about business and economic conditions … There is some degree of ambiguity resulting from the pandemic and limited operational capacity. Logistical aspects and elections.
The sub-index for new orders for the services sector increased last month by 4.7 points to 61.5 points, while the new business index rose from 62.4 points last August to 63 points last September, according to the German.





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