The Institute for Supply Management’s non-manufacturing business activity composite index was 50.6 in October, off from 50.9 in September, on a seasonally adjusted basis, the group said yesterday.
Economists polled by Thomson Reuters had expected a 51.6 level.
The prices paid index, closely watched for signs of inflation, grew to 53.0 from 48.8. The employment index decreased to 41.1 from 44.3.
The business activity index rose to 55.2 from 55.1 and the new orders index was at 55.6, up from 54.2. The backlog of orders surged to 53.5 from 51.5 and new export orders increased to 53.5 from 48.5
Meanwhile, inventories decreased to 43.0 from 47.4 and inventory sentiment climbed to 63.5 from 62.0.
The supplier deliveries index rose to 50.5 from 50.0, and imports slid to 46.0 from 51.5.
