“The seasonally adjusted final IHS Markit U.S. Services Business Activity Index registered 54.8 in October, up from September’s recent low of 53.5 and broadly in line with the earlier ‘flash’ reading of 54.7,” the IHS Markit reported today.
Key takeaways from the press release
- A sharp expansion in new business drove overall output growth.
- The rate of job creation lost some momentum and eased to a nine-month low.
- The rate of input price inflation quickened to the fastest in just over five years.
- At 54.9 in October, the final seasonally adjusted IHS Markit U.S. Composite PMI Output Index picked up from 53.9 in September.
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