Source: IHS Markit
American business activity accelerated to the highest level in three months in October, driven by new business and bigger new order inflows during the month.
- The seasonally adjusted final IHS Markit US Services PMI Business Activity climbed to 58.7 in October, the fastest since July.
- The latest reading compares with 54.9 in September and the earlier flash estimate of 58.2.
- The October data showed strong growth in new orders at service providers, with demand from new and existing customers driving sales.
- Firms also reported greater confidence in clients, along with the return to the office for some customers which support growth.
- New business from abroad declined for the third straight month, with demand dampened by uncertainty in key export markets.
- The level of optimism slipped to the lowest since February, as firms cited inflationary concerns and supply chain issues.