Composite index 50.9 versus 51.2
The Markit PMI data (final) for the month of October is out and it is weaker than expected:
- services PMI for October (final) came in at 50.6 versus 51.0 estimate and 51.0 in the preliminary report
- The composite PMI came in at 50.9 versus 51.2
- Service sector new business index 49.9 versus 50.0 preliminary (and 50.6 last month)
- service sector PMI at lowest since February 2016
- US services sector new business index below 50 for the 1st time since data collection began a decade ago
- composite new orders index for October 50.3 versus 50.7 last month.
According to the Markit, the numbers correspond with a GDP estimate of less than 1.5%. THis is not a particularly strong number. The USD is moving lower on the back of the release with the USDJPY falling to 108.81 from a high of 108.919 so far.
The US ISM nonmanufacturing index for October will be released with expectations for 53.5 versus 52.6 in September.
Also to be released at 10 AM will be the September JOLT data. The expectations is 7063 from 7051 last month.
