# US services growth slows

Quick Take · News · Published November 6, 2026 · By [Anthony Asuaje](https://walkeranthony.com/about/), Walker Strategies
Canonical URL: https://walkeranthony.com/news/us-services-growth-slows/

The US services growth slowed in October, with the Institute for Supply Management's (ISM) headline PMI at 54.5, down from September's 54.9. The 12-month average prices index reached its highest level since April 2023, complicating the case for rate relief that could support Bitcoin. This development may impact Bitcoin's prospects for gains as persistent cost pressure clouds Fed rate cuts.

The US services growth slowed in October, with the ISM's headline PMI at 54.5, down from September's 54.9. The reading remained above 50, indicating that services activity was still expanding.

The monthly prices index eased to 73 from 74, but its 12-month average rose to 69.2, the highest since April 2023. This suggests persistent cost pressure even as the latest monthly reading retreats.

The Federal Reserve held its target range at 3.75%-4% on Oct. 28, and the central bank statement described inflation as elevated. The possible benefit of softer activity runs through easier rate expectations and investors' willingness to take risk, but persistent cost pressure complicates that route to relief.

An IMF working paper found that US monetary tightening reduced a common crypto-price factor through investors' willingness to take risk. The next scheduled US checkpoint is the October employment report, due Nov. 6, which could change the balance between growth and inflation concerns facing policymakers.

Source: [federalreserve.gov](https://www.federalreserve.gov/newsevents/pressreleases/monetary20261028a.htm)

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