While ISM's Manufacturing PMI came in better than expected earlier this week, the same cannot be said for Non-Manufacturing PMI (Services)

While ISM's Manufacturing PMI came in better than expected earlier this week, the same cannot be said for Non-Manufacturing PMI (Services). ISM Services came in at 57.1, below the expected reading of 58, and lower than September's 58.6. New Orders, the most forward looking indicato,r dropped 1.9% from the previous month to 59.1 (but is still in solid growth phase). Of the 10 components making up the index, only two increased from the prior month, Employment and Imports. On the bright side, the Employment reading of 59.6 was the highest level since 2005 - and could be another good sign for tomorrow's non-farm payrolls report. In addition, all 16 non-manufacturing industries reported growth in October. (VIEW LINK)