"We're not growing as fast as we'd like, but we're still growing. The U.S. economy is expanding and continues to expand"
- Michael Feroli, chief economist at JPMorgan Chase & Co.
The U.S. non-manufacturing sector kept growing in October, however, at a slower pace, due to a weaker domestic demand. The Institute for Supply Management said its leading indicator of economic health eased to 54.2 last month, down from 55.1 in September. At the same time, the reading remains above the 50 line that separates growth from tension. At the same the new-orders index, which indicates future demand, fell to 54.8 from 57.7 last month.
"Things are modestly improving," Michael Feroli, chief economist at JPMorgan Chase & Co. in New York, said before the report. "We're not growing as fast as we'd like, but we're still growing. The U.S. economy is expanding and continues to expand."
"If you look at the last few years, there is no question that the economic environment in the U.S. has been very challenging, fragile, and depending on the region, very difficult at times," said Chief Executive Officer Howard Schultz.
Standard & Poor's 500 gained 0.22 per cent to 1,417.26. The Dow Jones Industrial Average grew 0.15 per cent to 13,112.44. The Nasdaq Composite surged 0.59 per cent, or 17.53 points, to 2,999.66.
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