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Service Sector, Hiring Continue Expansion in October

Wall Street Journal (11/05/14) Kathleen Madigan

The Institute for Supply Management’s nonmanufacturing purchasing managers index dropped to 57.1 in October from 58.6 in September. Experts surveyed by the Wall Street Journal had forecast a reading of 58.0. Last month’s hiring hit a cycle high, and the U.S. service sector remained in expansion, according to ISM.

Markit’s service sector composite PMI fell to 57.1 in October from 58.9 the previous month. Service providers reported less confidence about the near-term outlook, according to Markit.