U.S. PMI Composite Flash falls below consensus in October

courtneyk

• October S&P Global U.S. PMI Composite: 47.3 vs. 49.3 expected and 49.5 prior.
• Overall, the decline in business activity "was solid and stronger than that seen in September, as service providers signalled a quicker decline," S&P Global said. "Manufacturers, on the other hand, saw output rise for the second month running, albeit only marginally."
• Manufacturing PMI: 49.9 vs. 51.0 expected and 52.0 prior. That index is now in contraction terrain and at a 28-month low.
• Services PMI: 46.6 vs. 49.2 expected and 49.3 prior.
• New orders returned to contraction territory as manufacturers and service providers registered weaker client demand. Also, input costs picked up after a four-month period of softer price rises due to interest rate headwinds, material shortages and bigger wage bills.
• Earlier, Chicago Fed National Activity Index holds steady in September.