ISM Manufacturing and Non-Manufacturing Survey's Estimate About 2% Growth For The US

The US ISM Non-Manufacturing Survey came in today slightly above consensus expectations for October (55.4 vs 54.5) The survey indicated the the non-manufacturing survey accelerated slightly in October and is growing.  Combining the ISM Manufacturing survey that came out on Friday with today's report (using an approximate GDP-weighting to reflect the more service oriented US economy), the surveys point to approximately 2% growth for the near future.