A report released by the Institute for Supply Management on Friday showed a bigger than expected slowdown in the pace of growth in U.S. service sector activity in the month of October.
The ISM said its services PMI fell to 51.8 in October from 53.6 in September, although a reading above 50 still indicates growth. Economists had expected the index to edge down to 53.0.
The bigger than expected decrease by the headline partly reflected a notable slowdown in the pace of growth in business activity, with the business activity index tumbling to 54.1 in October from 58.8 in September.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.