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The U.S. services sector bounces back

Data: Institute for Supply Management; Chart: Andrew Witherspoon/Axios

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

Go deeper: How the China trade war threatens U.S. manufacturing jobs