Investing.com - Service sector activity in the U.S. grew at a slower rate than expected in October, but still expanded for the 34th consecutive month, industry data showed on Monday.
In a report, the Institute of Supply Management said its non-manufacturing purchasing manager's index fell to 54.2 in October from a reading of 55.1 in September.
Analysts had expected the index to decline to 54.5 in October.
On the index, a reading above 50.0 indicates the non-manufacturing sector economy is generally expanding, below 50.0 indicates the sector is contracting.
The New Orders Index declined to 54.8 from 57.7, while the Employment Index rose to 54.9 from 51.1.
The Prices Paid Index dipped to 65.6 from a reading of 68.1 in September.
Following the release of the data, the U.S. dollar held on to gains against the euro, with EUR/USD dipping 0.4% to trade at 1.2784.
Meanwhile, U.S. stock markets remained lower. The Dow Jones Industrial Average shed 0.3%, the S&P 500 index declined 0.35%, while the Nasdaq Composite index eased down 0.1%.
In a report, the Institute of Supply Management said its non-manufacturing purchasing manager's index fell to 54.2 in October from a reading of 55.1 in September.
Analysts had expected the index to decline to 54.5 in October.
On the index, a reading above 50.0 indicates the non-manufacturing sector economy is generally expanding, below 50.0 indicates the sector is contracting.
The New Orders Index declined to 54.8 from 57.7, while the Employment Index rose to 54.9 from 51.1.
The Prices Paid Index dipped to 65.6 from a reading of 68.1 in September.
Following the release of the data, the U.S. dollar held on to gains against the euro, with EUR/USD dipping 0.4% to trade at 1.2784.
Meanwhile, U.S. stock markets remained lower. The Dow Jones Industrial Average shed 0.3%, the S&P 500 index declined 0.35%, while the Nasdaq Composite index eased down 0.1%.