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3h ago

Final October PMIs Show Split Global Services Momentum

Survey readings show strong U.S. and Asian services growth alongside cooling eurozone and Canadian activity, signaling that energy-driven cost pressures could keep interest rates higher for longer.

Visitors stroll at a shopping and restaurant complex in Tokyo, Japan October 29, 2026. REUTERS/Issei Kato/File Photo
Image
A view of the Bank of England and the financial district, in London, Britain, September 23, 2024. REUTERS/Mina Kim
A view of the city rooftops of residential apartment buildings and the Paris skyline seen from the giant Ferris wheel in the Jardin des Tuileries during sunset, in Paris, France, July 17, 2026. Picture taken through a window. REUTERS/Yara Nardi

Overview

  • Final October PMIs released Nov. 4–5 show the eurozone composite slowed to a four-month low of 51.7 while France’s services PMI fell to 46.2, indicating a return to contraction in the country.
  • U.S. surveys point to continued expansion but with signs of cooling as S&P Global’s final U.S. services PMI was revised down to 56.1 and the ISM services index held at 54.5 with a very high prices-paid reading of 73.0.
  • Canada’s services sector recorded its fifth straight month of contraction with an S&P Canada services PMI of 48.1, while the U.K. and parts of Asia, including Japan and India, showed resilience and renewed hiring.
  • Many firms reported sharper input and selling-price pressures driven by higher energy costs and supply disruptions tied to the Middle East conflict, keeping inflation risks elevated in PMI price measures.
  • Economists and markets say the mix of uneven demand and persistent cost inflation increases the chance that major central banks will keep policy tighter for longer or consider further rate hikes in the coming months.