By Sadiq Al Gobahi 
The final report for the US S&P Global Services PMI in October has been released, showing a slight decrease from the preliminary figure1. The final Services PMI stands at 55.0, compared to the preliminary estimate of 55.31. This index measures the performance of the service sector, and a reading above 50 indicates expansion.
Despite the slight decline, the Services PMI remains relatively strong, indicating continued growth in the service sector1. The composite index, which combines both services and manufacturing data, also saw a slight decrease to 54.1 from the preliminary figure of 54.31. This composite index provides a broader view of the overall economic activity.
One notable aspect of the report is the cooling of output price inflation, which has reached its joint-lowest level in 4.5 years1. This suggests that price pressures in the service sector are easing, which could be a positive sign for consumers. Additionally, new export orders growth has slowed to a four-month low, indicating some challenges in the international market1.
On a positive note, business confidence has rebounded to its highest level since June, suggesting that companies remain optimistic about future economic conditions1. However, employment in the service sector has fallen for the third consecutive month, albeit marginally1.
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