Growth in U.S. service sector activity slowed by more than expected in the month of October, according to a report released by the Institute for Supply Management on Wednesday.
The ISM said its services PMI dipped to 56.6 in October from 57.8 in September, although a reading above 50 still indicates growth in the service sector. Economists had expected the index to edge down to 57.5.
"There has been a slight pull back in the rate of growth in the Services Sector in the month of October," said Anthony Nieves, Chair of the ISM Services Business Survey Committee.
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