FYI: While Monday's read on the Manufacturing sector in October was better than expected, activity in the Non Manufacturing sector came in a little bit softer. With economists expecting a reading of 58.0 in the ISM Non Manufacturing PMI report, the actual reading came in at 57.1. As shown in the top chart below, though, even after the miss, the actual level of the PMI report is still right near expansion highs. On a total basis, accounting for each sector's weight in the overall economy, the combined ISM reading (lower chart) came in at 57.3 compared to last month's reading of 58.4.
Regards,
Ted
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