The U.S. services sector roared back in October, with the ISM's non-manufacturing report jumping to 54.7, up from 52.6 the month before, and beating expectations.
Why it matters: The services sector makes up almost 70% of the U.S. economy and has been consistently trending lower, following the manufacturing sector for most of this year.
- October's pickup, combined with an improvement in ISM's manufacturing reading, suggests the data may have hit a floor.
The report's details also were strong:
- Business Activity rose 1.8 points on the month to 57.0
- Prices Paid fell 3.4 points to 56.6
- New Orders was two higher at 55.6
- Employment added 3.4 points, up to 53.7