U.S. Services Sector Surges to Two-Year High as Employment Rebounds
The U.S. economy shows resilience with a strong services PMI, despite recent job growth concerns and ongoing political uncertainty.
- The Institute for Supply Management's (ISM) services PMI rose to 56.0 in October, the highest since July 2022, indicating robust growth in the sector.
- Employment in the services sector improved significantly, countering recent weak nonfarm payroll numbers influenced by hurricanes and strikes.
- The Federal Reserve is expected to cut interest rates again, aiming to sustain economic momentum as inflation pressures ease.
- Strong domestic demand is widening the U.S. trade deficit, with imports reaching record highs due to pre-election tariff concerns.
- Global services sector performance varied, with growth in India and Spain, while France and Japan experienced contractions.
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