The U.S. Purchasing Managers’ Index for the manufacturing and services sectors fell for the fourth month in a row

S&P Global announced that the U.S. manufacturing and services Purchasing Managers’ Index (PMI) fell to 47.3 in October, the lowest level in two months, from 49.5 in September.

The PMI remains below 50, indicating that the U.S. business sector is contracting and has contracted for the fourth consecutive month.

The PMI index was pressured by the decline in new orders and jobs. Business confidence fell to its lowest level in more than 2 years.

The preliminary manufacturing PMI was 49.9, the lowest level in 28 months, down from 52.0 in September.

The PMI for the primarily services sector was 46.6, the lowest level in two months, down from 49.3 in September.

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