美国服务业在10月份扩张，增速为三个月来最慢，成本压力持续存在。
The US service sector expanded in October at the slowest pace in three months amid continuing cost pressures.
据周三发布的数据显示，供应管理协会（ISM）的服务业指数上月下降0.4点，至54.5。读数高于50表示扩张。
The Institute for Supply Management’s services index fell 0.4 point to 54.5 last month, according to data released Wednesday. Readings above 50 indicate expansion.
全年稳健的消费支出、稳定的就业市场和强劲的企业投资一直支撑着服务需求。但企业也在应对不断上升的成本和交付延误。
Resilient consumer spending, a stable job market and strong business investment have supported demand for services throughout the year. But firms are also coping with mounting costs and delivery delays.
ISM衡量材料和服务采购价格的指标有所下降，但读数为73，是自2022年中期以来的第二高。该指标在2月曾触及近一年来的低点，就在伊朗战争导致燃料成本大幅上升之前。
ISM’s measure of prices paid for materials and services fell, though at 73 the reading was the second-highest since mid-2022. The measure had hit a nearly one-year low in February, just before the Iran war sent fuel costs sharply higher.
供应链也受到关税和中东冲突的影响。衡量供应商交付时间的指标上月飙升，达到自4月以来的最高水平。
Supply chains have also been affected by tariffs and the Middle East conflict. A gauge of supplier delivery times jumped last month to the highest since April.
“关税和燃料成本影响继续是受访者供应链中最常提及的问题，而许多受访者表示，他们尚未看到这些成本上升的全部影响，或尚未将其转嫁给客户，”ISM服务业调查委员会主席史蒂夫·米勒在一份声明中表示。“如果石油和关税成本影响未得到缓解，这表明更多定价压力即将到来。”衡量需求的新订单指数降至四个月来的低点，但仍远在扩张区间。服务企业订单饱满的一个迹象是，ISM衡量订单积压的指标达到自2022年以来的最高水平。
“Tariffs and fuel cost impacts continued to be the most-cited issues impacting respondents’ supply chains, while many respondents indicated they are not yet seeing the full impact of these cost escalations or have not passed them through to customers,” Steve Miller, chair of ISM’s Services Business Survey Committee, said in a statement. “This indicates that more pricing pressure is on the way if oil and tariff cost impacts are not mitigated.”New orders, a measure of demand, slipped to a four-month low but remained well into expansionary territory.
十月份，包括运输和仓储、信息及娱乐在内的15个服务业行业报告增长。建筑和医疗保健行业报告萎缩。
In one sign that service firms have full order books, ISM’s gauge of order backlogs was the highest since 2022. Fifteen services industries reported growth in October, including transportation and warehousing, information and entertainment.
服务提供商在兼顾强劲需求和上升成本方面，对招聘持谨慎态度。但ISM的就业指标上月升至51.4，为自2月以来的最高水平。行业评论“燃料和货运市场继续对分销成本规划造成压力。乌克兰持续的战争以及美国中西部的干旱，加上燃料和肥料成本，正在推高小麦成本。”——住宿与餐饮服务业“活动保持稳定，机构和商业项目积压量大。材料供应总体有所改善，尽管部分机械和电气设备仍需提前采购。劳动力短缺和薪资压力继续影响市场，而融资成本上升导致业主密切评估项目预算和进度。总体前景仍审慎乐观。”
Construction and healthcare reported contraction. Service providers have been cautious on hiring as they balance robust demand and rising costs. But ISM’s employment gauge advanced to 51.4 last month, the highest since February.
——建筑业“我们公司的人工智能使用量在增加，但我们已设置护栏，以限制代币使用量并评估总体拥有成本。”——金融与保险业“燃料价格正在影响我们许多消耗品和交付商品。这降低了利润率，因为我们尚未将费用转嫁给客户，因为我们认为这将是一种短期状况。”——信息业“尽管业务活动依然强劲，但关税、燃料价格上涨和更长的交货期的影响正变得越来越具有挑战性。”——公司管理及支持服务业“关税正在给国际商品采购造成混乱。”——零售贸易业
Select Industry Comments“Fuel and freight markets continue to exert pressure on distribution cost planning. The continued war in Ukraine and drought in the Midwest along with fuel and fertilizer costs are driving up the cost of wheat.” — Accommodation & Food Services“Activity remains steady, with a strong backlog of institutional and commercial projects. Material availability has generally improved, though some mechanical and electrical equipment still requires early procurement. Labor shortages and wage pressure continue to impact the market, while higher financing costs are causing owners to closely evaluate project budgets and schedules. Overall outlook remains cautiously positive.” — Construction“Our company’s AI utilization is increasing, but we have guardrails in place to cap token utilization and evaluate TCO.” — Finance & Insurance“Fuel prices are impacting many of our consumables and delivered goods. This has reduced margins, as we have not passed the expense to our customers because we believe it will be a short-term condition.” — Information“While business activity remains strong, the impacts of tariffs, increased fuel prices, and longer lead times are becoming more challenging.” — Management of Companies & Support Services“Tariffs are causing havoc with international merchandise sourcing.” — Retail Trade