Markit Economics released final services purchasing managers' index (PMI) for the U.S. on Wednesday. Final U.S. services purchasing managers' index (PMI) declined to 54.8 in October from 55.1 in September, up from the preliminary reading of 54.6.
The decline was partly driven by a weaker rise in business activity and new business.
"The surveys nevertheless signal ongoing moderate growth of business activity and employment in the manufacturing and service sectors, which will keep alive the possibility that policymakers could be persuaded into raising interest rates before the year is over. However, the survey data also reinforce strong arguments - notably a continued absence of inflationary pressures - that there is no rush to tighten policy," Chief Economist at Markit Chris Williamson said.