US October ISM services PMI 56.0 vs 53.8 expected

• Best since Sept 2023
• Prior was 54.9
• Business activity index 57.2 vs 59.9 prior
• Employment 53.0 vs 48.1 prior
• New orders 57.4 vs 59.4 prior
• Prices paid 58.1 vs 59.4 prior
• Supplier deliveries 56.4 vs 52.1 prior
• Inventories 57.2 vs 58.1 prior
• Backlog of orders 47.7 vs 48.3 prior
• New export orders 51.7 vs 56.7 prior
• Imports 50.2 vs 52.7 prior
• Inventory sentiment 53.0 vs 54.0 prior

This is a goldilocks number with prices paid improving (though still well-above 50). Fed pricing for this week is still showing a done deal but December is at 80% and the odds of three cuts by the end of January are down to 29%.

This article was written by Adam Button at www.forexlive.com.