ISM Services PMI Rises To 56, Beating Analyst Estimates

On November 5, 2024, the Institute for Supply Management released ISM Services PMI report for October. The report indicated that ISM Services PMI increased from 54.9 in September to 56 in October, compared to analyst forecast of 53.8. Numbers above 50 show expansion.

New Orders index declined from 59.4 in September to 57.4 in October, while Employment index increased from 48.1 to 53.0.

The Institute for Supply Management commented: “The increase in the Services PMI in October was driven by boosts of more than 4 percentage points for both the Employment and Supplier Deliveries indexes.”

Today, traders also had a chance to take a look at the final reading of S&P Global Services PMI report for October.

The report showed that S&P Global Services PMI declined from 55.2 in September to 55.0 in October, while analysts expected that it would increase to 55.3.

S&P Global Composite PMI improved from 54.0 to 54.1, compared to analyst consensus of 54.3.

U.S. Dollar Index moved away from session lows as traders reacted to the better-than-expected ISM Services PMI report. Currently, U.S. Dollar Index is trying to settle above the 103.70 level. Today, traders will also stay focused on U.S. elections.

Gold pulled back from session highs and is trying to settle below the $2735 level as traders react to PMI data.

SP500  tested session highs after the release of PMI reports. Currently, SP500 is trying to settle above the 5765 level.

For a look at all of today’s economic events, check out our economic calendar.