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The U.S. October services purchasing managers’ index, or PMI, came in at 57.9, matching the market forecast of 57.9, while the manufacturing PMI rose to 56.0, above expectations of 55.4.
A PMI reading above 50 indicates expansion, while a reading below 50 signals contraction. The Federal Reserve uses the data as one reference point when assessing economic momentum and price pressures for interest-rate decisions. Readings above forecasts can support consideration of holding rates steady or raising them, or delaying rate cuts, to prevent overheating, while weaker-than-expected readings can support consideration of rate cuts to bolster the economy. Beyond whether the headline index beats or misses estimates, the size of the gap versus forecasts and detailed price indicators can also affect markets.