Purchasing Managers' Index- Services, october 2015
Services PMI rose to 57.5 in October: Business volumes provide support
- The purchasing managers’ index for the service sector (Services PMI) rose by 0.5 points to 57.5 in October. The impression of a stable service sector persists with a three-month moving average that has fluctuated around the 56 mark since the beginning of the year. On an underlying basis all sub-indices were in the growth zone, but only business volumes noted higher readings in October.
- The sub-index for new orders fell by 0.2 points to 59.1 in October. In terms of order backlogs, the index rose from 53.5 to 55.7. This is the second highest reading this year, and in the last year order backlogs have risen in ten of those months.
- The sub-index for business volumes rose to 62.2 in October from 57.7 in September. The index for planned business volumes reached 66.0 in October, just over the annual average of 65.5. Production growth is intact and production plans for the next six months are optimistic. This, coupled with rising orders, coincides with growing hiring needs. The employment sub-index was 53.4 in October (55.5 in September).
- In October the index for suppliers’ intermediate goods prices fell to 52.1 from 53.9 in the previous month. Although intermediate goods prices have continued to rise, the short-term trend has slowed in recent months.
PMI-Services October 2015