ISM Services PMI drives up in October, price index jumps over 4 points

• October ISM Services PMI Index: 66.7 vs. 61.9 consensus and 61.9 prior.
• Registers an all-time high, eclipsing July's 64.1 reading, with the Business Activity and New Orders sub-indices hitting records.
• All 18 services industries reported growth, with the composite index indicating growth for the 17th straight month after a two-month contraction in April and May of 2020.
• Prices Index: 82.9 vs. 77.5 prior; reaches second highest reading ever.
• Business Activity Index: 68.8 vs. 62.3 prior.
• New Orders Index: 69.7 vs. 63.5 prior.
• Employment Index: 51.6 vs. 53.0 prior.
• Supplier Deliveries: 75.7 vs. 68.8 prior.
• "In October, strong growth continued for the services sector, which has expanded for all but two of the last 141 months. However, ongoing challenges — including supply chain disruptions and shortages of labor and materials — are constraining capacity and impacting overall business conditions," said Anthony Nieves, chair of the Institute for Supply Management Services Business Survey Committee.