US services PMI up to 56.9 in October
The seasonally adjusted Services PMI Business Activity Index in the United States stood at 56.9 in October, up 2.3 points from last month, the IHS Markit said in its report published on Wednesday.
Data for the month indicated a steep rise in new business for service providers, at the fastest pace since February 2019. New export orders, however, rose at a softer rate in the same period. Business expenses climbed at a solid rate, leading to an increase in prices. Business optimism was also on the rise, leading to a growth in the workforce.
“Growth of business activity accelerated markedly in October, indicating that the underlying health of the US economy continued to recover at the start of the fourth quarter. While fourth quarter GDP will invariably fail to match the strong rebound seen in the third quarter, the economy looks to be continuing to grow at an above-trend rate,” Chief Business Economist Chris Williamson said.
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