Daily Management Review

US employment, industrial orders and services sectors improve


Several reports related to different aspects of the US economy for September and October were published on Wednesday at once - they show some growth and recovery in the period.

The US Department of Commerce released data on industrial orders in September: they unexpectedly rose slightly - by 0.2% compared to August and by 17.6% compared to 2020, to $515.9bn. 

Analysts polled by Reuters had expected no growth from the previous month amid serious supply problems.

Also on Wednesday, the Institute for Supply Management (ISM) presented data on the Services Business Activity Index in October: the index rose to a record 66.7 points since 1997, a significant increase from September, when the index was at 61.9 points. 

Values above 50 points indicate growth in the sector. This reading for October reflects a rebound in the US services sector as the number of COVID-19 cases declines, although the sector is also affected by supply disruptions.

Another indicator reflecting the economic recovery is ADP data on private sector job growth in the US in October. The number of new jobs stood at 571,000 - up from 523,000 in September and 400,000 expected in October by analysts polled by Reuters expected.

source: reuters.com, cnbc.com