The ISM Non-Manufacturing Index fell from 50.2 in September to 44.4 in October, the lowest reading since the index began in 1997 and south of the estimate of 47.0.
ADP reported that private sector jobs fell by 157,000 in October, worse than the estimate of a 102,000 decline. The report indicates the labor market is deteriorating amid weak economic conditions.
Details from Bloomberg...
The Dow Jones Industrial Average dropped 486 points (5.1%) to close at 9,139, the S&P 500 Index declined 53 points (5.3%) to 953, while the Nasdaq Composite fell 98 points (5.5%) to 1,682. Crude oil lost $5.23 to $65.30 per barrel, and gold ended down $17.80 at $739.50 per ounce.
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