U.S. services PMI revised down to 56.1 in October
The final S&P Global reading is below the early estimate but still signals growth.
The final S&P Global U.S. services purchasing managers' index came in at 56.1 for October, below the early estimate of 57.9, according to Wednesday's release reported by StreetInsider and Fisco.
The lower reading still sits above 50, the survey's dividing line between growth and contraction. It points to expanding services activity, but at a slower pace than the preliminary result suggested. September's services index was 58.8.
A PMI reading describes changes in business activity from one month to the next. A level of 56.1 does not mean output grew by 6.1%, and a lower index above 50 does not by itself mean the sector shrank.
The separate Institute for Supply Management services index came in at 54.5 in October, down from 54.9 in September, according to Investing.com's economic calendar. That survey also remained above 50. The two reports use different panels and headline measures.
For investors, the useful takeaway is narrower than a broad recession or inflation call: services were still growing in this survey, but the final October result was less strong than the first reading.
