The ISM Non-Manufacturing Index decreased to 50.6 in October, worse than the expected increase to 51.5 from a 50.9 level in September which was a 2.5% increase from the August level of 48.4 and the first month showing expansion in the index since September of 2008.  Although the index above the 50 level indicates expansion in the Non-Manufacturing sector, the decrease in the index shows this comes at a slower pace.  9 industries reported expansion: Real Estate, Rental & Leasing; Management of Companies & Support Services; Construction; Utilities; Retail Trade; Educational Services; Health Care & Social Assistance; Professional, Scientific & Technical Services; and Wholesale Trade.  7 of the industries reported contraction: Arts, Entertainment & Recreation; Other Services; Accommodation & Food Services; Transportation & Warehousing; Public Administration; Finance & Insurance; and Information. 

The FOMC Policy statement is scheduled today at 2:15 PM EST at the conclusion of the Board of Governors 2-day meeting, where the basis of discussion will be the Fed’s Beige Book which was published 2 weeks prior.

Upcoming Releases
ISM Non-Manufacturing Index (11/04 at 10:00 AM EST)
FOMC Policy Statement (11/04 at 2:15 PM EST)
Initial Claims (11/05 at 8:30 AM EST)
Unemployment Rate (11/06 at 8:30 AM EST)

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