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  • U.S. services sector activity growth accelerates slightly more than initially estimated in October - IHS Markit
Ekonomické zprávy
03.11.2021

U.S. services sector activity growth accelerates slightly more than initially estimated in October - IHS Markit

The latest report by IHS Markit revealed on Wednesday the seasonally adjusted final IHS Markit U.S. Services Business Activity Index (PMI) came in at 58.7 in October, up from 54.9 in September and slightly above the earlier released “flash” estimate of 58.2. The latest reading pointed to the quickest growth in business activity across the U.S. service sector since July. 

Economists had forecast the index to stay unrevised at 58.2.

According to the report, the October rise in output was supported by stronger growth in new business. In line with greater new order inflows, firms signaled the fastest increase in backlogs of work since data collection began in October 2009, despite a quicker pace of job creation. Nonetheless, concerns regarding labor shortages and unstable supply chains led business confidence to decline to an eight-month low. On the price front, the rate of cost inflation cooled to an eight-month low. In response to a further rise in costs, firms raised their selling prices at the fastest rate on record.

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