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

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