US Private Sector Growth Climbs to Three-Month High

Source: IHS Markit

The United States private sector expanded to a three-month high in October, but figures remain lower than the same period last year. PBUS is up 0.41%.

• The US Composite Output Index climbed to 57.3 in October, from 55.0 in September. This is the highest since July.
• The stronger growth was on the back of the services sector, which also expanded by the fastest in three months since July.
• Factory production posted the weakest level since July 2020, as goods producers were hit by the ongoing supply bottlenecks and delivery delays.
• The Services Business Activity Index jumped to a three-month high of 58.2, up from 54.9 the previous month.
• Manufacturing fell to a seven-month low of 59.2, reflecting the weak expansion in output and the moderation in order book growth.
• New orders fell to the slowest in eight months but remained strong as firms said books were driven by high demand.
• Inflation outpaced the record in August to mark a fresh series high, as factory gate prices posted a series high.