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Economy

ISM Nonmanufacturing Shows Lower Growth for October

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By Jon C. Ogg Published
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Today’s key economic report was the Institute for Supply Management Nonmanufacturing Index from October. The ISM gave a reading of 54.2%, and that is still in the growth area above the 50.0 mark. But the figure is less than estimates, as well as the 55.1% reading from September. Estimates were 54.9 from Bloomberg, and Dow Jones was calling for 54.5 for October. Bloomberg showed a range of 53.0 to 56.0 from its pool of economists.

Today’s nonmanufacturing report was the 34th consecutive growth report, and it showed that 13 nonmanufacturing industries reported growth, with five industries contracting in October. Here were the individual components:

  • Business Activity Index at 55.4%, 4.5 percentage points lower than September
  • New Orders Index at 54.8%, 2.9 percentage points lower than September
  • Employment Index at 54.9%, an increase of 3.8 percentage points from September

Last week’s ISM Manufacturing Index came in at 51.7, and that was basically in-line with estimates. At least for October, both the manufacturing and nonmanufacturing figures have remained in the area of weak growth.

JON C. OGG

Photo of Jon C. Ogg
About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. a673b.bigscoots-temp.com.

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