The latest S&P Global Services Purchasing Managers’ Index (PMI) for October revealed a slight miss, landing at 54.8. This result fell short of expectations of 55.2 and represented a drop from the preliminary reading of 55.2. Similarly, the broader S&P Global Composite PMI, encompassing both manufacturing and services output, also experienced a dip to 54.6, lagging behind the anticipated 54.9 and falling from the previous reading of 54.8. While both indices remain above the crucial 50 threshold that distinguishes expansion from contraction, these results signal a softening trend in US economic activity as higher borrowing costs and policy uncertainty have dampened business confidence.