Negative macroeconomic statistics from the United States | 04 November 2022

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The U.S. services industry grew at its slowest pace in nearly 2-1/2 years in October, but businesses continued to face higher prices for inputs, confirming that inflation was shifting to services from goods. The Institute for Supply Management said its non-manufacturing PMI fell to 54.4 last month, the lowest reading since May 2020, from 56.7 in September. The ISM's measure of new orders received by services businesses fell to 56.5 from 60.6 in September. Businesses, however, reported a sharp drop in exports, likely because of slowing global growth and a strong dollar. Its gauge of prices paid by services industries for inputs increased to 70.7 from 68.7 in September.

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